Work begins on China-backed hotel
Print Edition
WORK has begun on a hotel project billed as China’s biggest-ever investment in New Zealand’s tourism infrastructure.
Kiwi Prime Minister John Key attended the ground-breaking ceremony yesterday that marks the start of construction of a five-star Park Hyatt Auckland hotel at a landmark site in downtown Auckland, New Zealand’s biggest city and home to a third of the population.
Key was joined on-site by executives of Beijing-based property developer Fu Wah International Group, which is investing NZ$200 million (US$135 million) in the project.
Fu Wah won development rights for the 195-room hotel after a global investor search process in 2013 that was led by the land owner, Auckland City Council organization Panuku Development Auckland.
Panuku Chief Executive Officer John Dalzell said Fu Wah stood out as a development partner with its commitment to a long-term sustainable investment proposal, respect for the history of the site and its significance to Aucklanders.
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