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Overview

China Construction Bank provides a loan for the 17 Wake Road Development

Commitment Year•2017Country of Activity•New ZealandDirect Recipient Country of Incorporation•UnknownOverseas Jurisdiction•New ZealandSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017
End (actual)
Jul 1, 2017

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • China Construction Bank (New Zealand) Limited (CCB NZ)

Receiving agencies

Private Sector

  • Unspecified Entity for the 17 Wake Road Development in New Zealand

Implementing agencies

Private Sector

  • New Zealand Highland Development (Coatesville) Limited

Loan description

China Construction Bank provides a loan for the 17 Wake Road Development

Interest type•Unknown

Narrative

Full Description

Project narrative

In or prior to 2017, China Construction Bank (New Zealand) Limited (CCB NZ) issued a loan to an unspecified borrower in support of the 17 Wake Road Development. New Zealand Highland Development (Coatesville) Limited was the developer of the project. This project sought to construct 13 lifestyle lots on a 27.4 hectare rural residential subdivision site at 17 Wake Road, Riverhead near Auckland, two kilometers north of the Riverhead township and surrounded by farmland, and included the construction of roads, accessways, and culverts, and landscaping. Cuesko served as CCB NZ's quantity surveyor for the project. The project was competed in July 2017. On November 16, 2017, the Rodney Local Board Transport, Infrastructure and Environment Committee approved the naming of the subdivision's road, Fruiter Lane.

Staff comments

1. While the financing is not explicitly named as a loan, it appears from context that it was a loan and AidData has treated it as such. Its face value, signing date, and terms are unknown. This issue merits further investigation. 2. It is unclear whether the developer of the project, New Zealand Highland Development (Coatesville) Limited, was the borrower of the CCB loan. This issue merits further investigation. AidData has assumed it was related. 3. A review of openly available satellite imagery of the project site as of April 2022 shows that, while most lots appear to be vacant, four lots either host homes are seemingly in construction to do so.