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Auckland Chinese property investment boom

Reporter: Owen Poland 丨 CCTV.com

12-08-2016 00:55 BJT

To New Zealand, where more Chinese property investors are getting into the Auckland market.  Changda and The Nanjing Dadi Construction Group are planning additional high-density homes projects.

It's a traditional Maori welcome for executives from China's Changda International Development Group which has just announced two big housing projects in Auckland worth more than one billion New Zealand dollars.

"For the next decade, Changda will prepare to invest more money in New Zealand to benefit the local communities, to create more jobs"said Xu Pengqiang,China's Changda International Development Group's chairman.

Earthworks have already begun so Changda can construct more than one and a half thousand high density homes, and two hotels, which Auckland needs to accommodate forty-two thousand new residents this year.

"People want to come and live here, and we need to make sure our housing infrastructure and our transport infrastructure keeps up with that growth" said Phil Goff,mayor of Auckland.

The apartments and town houses being built here will help a city that's desperate for accommodation. It's estimated that Auckland needs fifteen thousand new homes built every year, but only twelve thousand are being built at the moment

The Nanjing Dadi Construction Group is also financing a 300 million dollar housing project consisting of 800 high density apartments. And in downtown Auckland, Hong Kong's Fu Wah Group is financing a 200 million dollar five-star hotel that's being jointly built by the China State Construction Engineering Company.

"More and more Chinese investors are coming to New Zealand to look for opportunities to invest"said Madam Erwen Xu,Chinese Consul General.

Instead of being the City of Sails, Auckland has become the City of Cranes. Fu Wah wants to build another hotel and residential complex, and the New Development Group from Shanghai is going to replace this central city car park with a 52 storey hotel and apartment tower worth 350 million dollars.

"We are attracting and welcome that foreign direct investment because it helps local businesses to grow and expand"said Dean Butchers,Auckland tourism.

But it's not just about houses and hotels. Auckland also wants Chinese talent to help expand sectors like hospitality, education and technology.

"There are a number of growth sectors that we're keen to establish those relationships with China to ensure that we have the right talent here to allow Auckland to be prosperous and to continue to grow"said Dean Butchers.

And maybe China can also fix Auckland's traffic congestion problems caused by 800 extra vehicles hitting the road every week.

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