Chow brothers investing in Auckland homes

Chow Brothers and Clint Webber bought Christchurch's Stonewood Homes operation. Photo / File
Chow Brothers and Clint Webber bought Christchurch's Stonewood Homes operation. Photo / File

One of the Chow brothers' property investment vehicles is teaming up with the multi-billion dollar China Railway Zhongji group to build houses in Auckland.

Chow-backed Inno Capital - which bought housing company Stonewood in February - has signed a joint venture with the Chow Group and China Railway Zhongji to invest $100m in building homes in Auckland.

China Railway Zhongji is one of China's largest state-controlled businesses with a multi-billion dollar balance sheet.

Stonewood CEO Warwick Isaacs said the venture with China Railway Zhongji was an indication of how seriously Stonewood will be targetting Auckland's housing crisis.

"The new joint venture company will help fund Stonewood Auckland's expansion as well as potential infrastructure projects and PPP [public-private partnership] opportunities," he said.

According to a company statement, the Chow Brothers, John and Michael will co-own most of Auckland area franchise, along with all of Hamilton, Wellington and Christchurch.

Inno Capital is owned by John and Michael Chow and Clint Webber.

- NZ Herald

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