Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Chinese company to build $200M hotel on Auckland waterfront

Company linked to one of China’s richest women to spend $200 mln on Auckland hotel

By Suze Metherell

April 16 (BusinessDesk) – Fu Wah International Group, chaired by Chan Laiwa who is one of China’s richest women, has agreed to build a new Auckland waterfront hotel worth $200 million in partnership with Waterfront Auckland, a council body.

Fu Wah, a Beijing-based real estate developer, will build a 200 room, five star hotel in the Wynyard Quarter on Auckland Council-owned land, the city said in a statement. The development is awaiting approval from the Overseas Investment Office and would be completed by 2017.

“This deal is a direct result of Waterfront Auckland’s involvement on the Mayoral Trade Mission to China in 2012,” Auckland mayor Len Brown said. “It’s an exemplar of the potential for council leveraging its strategic landholdings to attract investment into Auckland and to develop infrastructure that will attract further and ongoing benefits to the local economy while still retaining ownership.”

Auckland Council wants to attract wealthy Chinese tourists to the city. More than 237,000 Chinese visited New Zealand in the past year, with total spending of about $732 million, according to Tourism New Zealand.

Fu Wah’s Laiwa is worth US$6.4 billion according to Forbes. She is a member of the Chinese People’s Political Consultative Conference, a political advisory body, according to the company’s website. The developer says it has 1.5 million square metres of Beijing properties as well as other developments across China including cultural interests such as museums.

According to its website, “Fu Wah has won wide acclaim by virtue of its powerful financial strength, utmost good faith and sincere patriotic enthusiasm.”

Earlier this year the Chinese developer bought the Melbourne Park Hyatt Hotel, reportedly for A$135 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gareth Morgan: The Government’s Fresh Water Policy – Revisited

Fresh water quality is the latest area to be in the sights of Gareth Morgan and his research organisation The Morgan Foundation... They found that the fresh water policy was a bit murkier than the Environment Minister let on. More>>

ALSO:

Interest Rates: RBNZ Hikes OCR To 3.5%, ‘Period Of Assessment’ Now Needed

Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” More>>

ALSO:

Fonterra: Canpac Site 'Resize' To Focus More On Paediatrics

Fonterra is looking at realigning its packing operations at Canpac, in the Waikato, to focus more on paediatric nutritionals... The proposed changes could mean around 110 roles may not be required at the site which currently employs 330. More>>

ALSO:

Scoop Business: Postie Plus Brand Gets 2nd Chance With Well-Funded Pepkor

The Postie Plus brand is getting a new lease of life after South Africa’s Pepkor bought the failed retailer’s assets out of administration and said it will use its purchasing power to reduce costs of stock and fatten margins. More>>

ALSO:

Warming: Warming Signs From State Of Climate Report

Climate data from air, land, sea and ice in 2013 'reflect trends of a warming planet' -- says the latest State of the Climate report, launched by U.S. and New Zealand scientists. More>>

ALSO:

Scoop Business: Embrace Falling Home Affordability, Says NZIER

Despair over the inability to afford a house is misplaced and should be embraced as an opportunity to invest in more wealth-creating activity, says the principal economist at the New Zealand Institute of Economic Research, Shamubeel Eaqub. More>>

Productivity Commission: NZ Regulation Not Keeping Pace

New Zealand regulators often have to work with out-of-date legislation, quality checks are under strain, and regulatory workers need better training and development. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news