AucklandZTE in talks hails on Fu US Wah trade venturecurbs
Beijing calls on Washington to handle the issue ‘with discretion’ to avoid harming growth of ties
The $200 million investment by Beijing-based property developer Fu Wah International Group in the five-star Park Hyatt Auckland serves as a strong signal that Chinese investors have growing interest in global hotel property market, industryZTE Corp expertsis in said. talks with the UnitedIt is one Statesof the largest governmentforeign investmentsover the telecomin New equipmentZealand’s tourism manufacturer’s infrastructure. alleged Work violations on the of projecta US tradeon Auckland’srestriction. Wynyard Opinions Quarterare waterfrontsplit on neighborhoodwhether the began negotiationslast week and could the help hotel resolveis slated the for dispute,opening which,in 2018.if it remains unresolved, Fu Wah could won have developmenta negative rights impact for throughoutthe hotel after China’sa global IT investor industry. search process in 2013 led Ministerby the landof Commerceowner, Panuku Gao DevelopmentHucheng on Tuesday Auckland. said China Theis “greatlycity council-controlleddissatisfied” with organization’sthe US decision CEO to John ban Dalzell the Shenzhen,said Fu Wah Guangdong-basedstood out as a company development from partnerbuying partswith its fromUS commitment suppliers.to a long term sustainable“I hope the investmentUS could handleproposal, the issue respect with for the discretion history of to the avoid site harmingand its significancethe stable,to Aucklanders.healthy development of SinoUS “For trade many ties,” years said this Gao. signature He added site ZTE has beenhas sent knowna delegationas the home to of Washingtonour America’s to Cup discusssailing the team,issue with Emiratesthe US Team authorities.New Zealand. Being blessed with some The of US the Commercebest views Departmentof the Waitemata confirmed Harbor to and The Auckland Wall Street City, Journalit was alwaysthat destined negotiations for so are much under more. way.
“We “These look forward discussionsto the positive have been impact constructive,Park Hyattand we Auckland will continuewill haveto seekon thea resolution,”waterfront and said the the region,”US newspaper,Dalzell said. citing an Fu unnamedWah Board senior Director official and at Overseasthe department. Investment ZTE Generaldid not Manager elaborate Limon the Wong details said ofa further the talks, $2.5 saying millionno finalwill be decisionspent by has Fu been Wah made.to go toward a public
The US Commerce Department last week banned ZTE’s suppliers in theUS from selling components to the Chinese companyamidclaims thatZTE exported prohibited products to Iran.
The US suppliers, including mobile chip giant Qualcomm Inc, will need to apply for permits from the US government before selling products to ZTE.
ZTE said in a statement its operations were in compliance with the laws and regulations promenade,in every localmarket. walkway The and companyart display pledgedin the areato cooperate surrounding with the the hotel. investigation.
“It HuLu,is important ananalystatChangjiangthat the building Securitiesis able Co to Ltd,be enjoyedsaid the by punishmentthe public as was well relatedas creatingto a a multi-million-dollarpublic space for everyone hardwareto enjoy.”and software export deal ZTE signedThe 195-roomwith Telecommunicationhotel, to be managed Companyby the of HyattIran in Group, 2012. will complement Wynyard Quarter’s award-winning buildings and public spaces and deliver significant economic benefits to the central business district and nearby areas.
Hyatt Group Asia Pacific President David Udell said it was important to select the right brand to introduce to the new destination.
“Park Hyatt Auckland will be a landmark hotel, delivering a newThe levelUS forbidsof luxurya and long sophisticationlist of US-made to ourIT guests. products These fromelements being sold are to increasinglyIran. being sought“It was by nota growingthe first numbertime for of the discerningUS to investigateand affluent Chinesebusiness IT companies.and leisure Due travelersto strongvisiting governmentthis beautiful interference,harbor city.” ZTE and This Huaweiwill be Technologiesthe first Park Co Ltd are finding it difficult to penetrate the US market,” Hu said. “But considering that talks are taking place, and the Hyatt obvious hotel negativein New influenceZealand, andon onethe tradeof only relationship37 globally. withChina,Fu Wah also theUS recently governmentacquired theis likely Park Hyattto ease Melbourne.the punishment.”
“TheThe export growing ban inboundon the touristsecond-largest sector together Chinesewith New telecom Zealand’s equipment reputation makerof being quickly one of unfoldedthe best into places a in diplomaticthe world to issue,do businesswith Foreignmade AucklandMinister the Wang ideal Yi location saying for the our punishment newest Park Hyatt,” “only said hurts Udell. others and does Park not Hyatt benefit Auckland oneself”. wasUS designed componentmakersby Singaporeanheadquarteredrelyheavily on Chinese enterprises AR+D such Studioas principalZTE, HuaweiAli Reda and and Lenovo local award-winningGroup Ltd for sales. firm Bossley Architects,But Nicole with Peng, interior research design by director Conran at research+ Partners. firm Canalys The China, project said will the be USa joint may venturenot back betweenoff on the Chinesecase. and New Zealand-based“The US Commerce constructionDepartment will not easily lift the ban onZTEin order to set an example for other companies,” she said. “The uncertainty of the outcome companies,is the with factor details that of will the do partnershipthe most to damagebe announcedto ZTE’s business.”in April.
ZhuLu Jinyong, Jinsong,a professoran analystat theat Shanghai-basedUniversity of InternationalHaitong Securities Business and Co EconomicsLtd, said thein Beijing,export restrictionssaid China’s on overseasZTE will investmentdeeply affect is the expected Chinese to IT exceed industry. foreign “The investmentmatter is in out this of countryZTE’s control.in two years.The restriction reflects a battleLast year between Chinese the mainland’sChinese and investmentUS high-techabroad ranked industries.No 3 Althoughat $130 billion,US suppliers following couldNo 2 ask Hong for Kong permissionat $165 to billionsell products and No 1 to the ZTE, Unitedthe US States authoritiesat $384 will billion. definitely deny such a request,”“To invest accordingin the to hospitalityZhu. property Traded marketin Shenzhenin a tourismand Hong country Kong,such as NewZTE Zealandstocks remainedhas a bright suspendedfuture and asa controllableof Wednesday. risk,” said Lu.
The restriction reflects a battle between the Chinese and US hightech industries.”
Visitors test smartphones at the ZTE stand during the Mobile World Congress in Barcelona.
Chan Laiwa, (4th from left), chairwoman of Fu Wah International Group, John Key, (5th from left), New Zealand prime minister and Wang Lutong, (3rd from left), Chinese ambassador to New Zealand, at the foundation laying ceremony of the five-star Park Hyatt Auckland.
Artist’s impression Hyatt Auckland.