Fu Wah International, the Beijing-headquartered real estate group led by billionaire Chan Laiwa, broke ground on Wednesday on a five-star Park Hyatt in Auckland.
Chan, 75, personally attended the ceremony, according to Australian and China media reports. Fu Wah will invest $135 million in the 195-room hotel, which when completed will be one of New Zealand’s largest tourism projects. Fu Wah won development rights to the facility’s waterfront site in 2013.
The project comes amid a wave of overseas investment by Chinese companies amid slowing economic growth at home. Fu Wah, whose business has been focused in China, acquired the Park Hyatt Melbourne in 2014 in an overseas expansion bid in 2014.
Chan, one of the world’s richest women, ranks No. 258 on the real-time Forbes Billionaires List with a fortune worth $5..5 billion. China ranked as the world’s No. 2 home to billionaires on the 2016 Forbes Billionaires List unveiled this month (see related story here).
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