Beijing-based investor Fu Wah International Group is buying a second Auckland site for a $250 million-$300 million hotel and apartment project, and scouting for more sites in the city and Queenstown.
The company’s first site is the $200 million Park Hyatt. Fu Wah founder and group chairman Chan Laiwa was in New Zealand in March for the ground-breaking at the five-star Park Hyatt investment on Auckland’s waterfront.
Laiwa outlined a major expansion plan, and noted New Zealand was the first developed country in the world to sign a free-trade agreement with China.
She said Fu Wah will also invest in three, four and five-star hotels in New Zealand, and wants to buy and develop existing properties.
Richard Aitken, Fu Wah’s South Pacific region area general manager, said the second investment after the Park Hyatt would be in Auckland’s central business district.
Fu Wah executives were in Wellington meeting mayor Celia Wade-Brown and management from Wellington International Airport to discuss expansion there.
However, Laiwa said no start date had been set for that project.
Fu Wah and Beijing Construction Engineering Group have already signed a memorandum of understanding with the Wellington City Council on the expansion of the airport, with further discussions due to take place.