Narrative
Full Description
Project narrative
In 2017, China Construction Bank Corporation issued a loan in support of the Whenuapai Housing Development. The purpose of this project was to construct build-to-rent 49 townhouses on a 6,400 square meter (6.4 hectare) greenfield development site located on former New Zealand Defence Force (NZDF) land in Whenuapai, west of Auckland, located next to other residential and commercial developments. Once completed, the development would be leased to the NZDF for its staff housing. The project was expected to address Auckland's housing shortage amidst the finalization of the Treaty of Waitangi settlements Whenuapai Housing Development Partnership — a charitable trust administrated by Te Tumu Paeroa, a trustee organization that protects or grows assets of Māori landowners and made up of Pare Hauraki Iwi (Māori tribe/nation) and Te Tumu Kāinga, a charitable trust administered by the Māori Trustee, a New Zealand statutory corporation that administers Māori land trusts — was the owner of the development. New Ground Capital was the developer. Mike Greer NZ Ltd was responsible for project implementation. Stevens Lawson Architects was the designer, doing so with Caliber Design Ltd, Campbell Brown Planning Limited, and Sola Landscape Architects. The sod-turning ceremony was held on March 16, 2017, with construction works to begin the following week. The housing development was officially opened on June 22, 2018, with people set to move into their new homes within several weeks from that date.
Staff comments
1. While the financing is not explicitly named as a loan, it is clear from context that it was a loan and AidData has treated it as such. Its face value, signing date, terms, and the specific borrowing institution are unknown. AidData assumes that a loan was issued in 2017, as CCB is listed as a funder by the March 16, 2017 sod-turning ceremony (see, for example, "Turning the sod on an iwi-led housing development in Whenuapai"). This issue merits further investigation.