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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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