The world’s biggest construction company, part of the giant China State Construction Engineering Corporation, China Construction New Zealand was announced to have won the $200 million contract to build the luxurious Park Hyatt Hotel in Auckland’s Wynyard Quarter.
CSCEC was named as the world’s biggest builder by revenue in 2012 by The Economist. It now has revenue of about US$100 billion.
It also planned to bid for the $175 million St James apartment tower contract for the new building on Queen St in CBD of Auckland.
The company has been looking at the four-lane Penlink highway to Gulf Harbour of $387.8m, which the scheme has not been approved just yet.
”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. We do need to make sure competition is also bringing us quality and they’re not taking short cuts with materials or labour.”
”Construction costs have been high in New Zealand for a long time,” Matt Paterson, Property Council acting chief executive said.
The managing director of China Construction New Zealand, Timothy Yang, questioned PM John Key at a Chinese Chamber of Commerice Event. He questioned about the length of time it took to get infrastructure built, in particular to the Penlink project.
And during the National Party conference in Christchurch, John Key announced a new $1 billion fund to fast-track infrastructure development by councils with high new housing demands. The councils currently eligible to access the fund for such things as water and roading development are Auckland, Hamilton, Tauranga, Christchurch and Queenstown.