China Construction New Zealand – a subsidiary of world-leading contractor China State Construction Engineering Corporation – has won a NZ$ 200 million (US$ 144 million) contract to build the Park Hyatt Hotel in Auckland.
The company will work jointly with local contractor Hawkins Group to build the seven-storey 195-room five star hotel, to be located on the waterfront in the city’s Wynyard Quarter.
China Construction NZ is also said to be planning a bid for the NZ$ 175 million (US$ 124.5 million) St James apartment tower in Auckland’s Central Business District, and has reportedly shown interest in the yet-to-be-approved NZ$ 388 million (US$ 276 million) Penlink highway to Gulf Harbour scheme.
Matt Paterson, acting CEO of the Property Council in New Zealand, said of the contract, "One of the issues holding back the development and construction market in New Zealand is high prices, so any additional competition we get is good."
He added, "We do need to make sure competition is also bringing us quality and they're not taking short cuts with materials or labour”.