Sharechat Logo

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

Wednesday 16th April 2014

Text too small?

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.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

AIA June 2020 Monthly Traffic Update and July 2020 Preview
PCT - Delivering on strategy underpins strong operating result
KFL - August 2020 monthly update
BRM - August 2020 monthly update
MLN - August 2020 monthly update
Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update

IRG See IRG research reports