New Zealand, Hong Kong property developers join forces

Press, 5 August 1981, Page 23

New Zealand, Hong Kong property developers join forces

PA Wellington A major Hong Kong property company, Carrian Investments. Ltd. which also has interests in shipping and tourism, is to acquire a 50 per cent interest in Welling-ton-based property developer, Williams Development Holdings, Ltd.

In a brief statement, the chairman of Carrian Investments. Mr George Tan. and the chairman of Williams Development Holdings. Mr Arthur Williams, said the joint company would be known as Carrian-Williams Investments. Ltd. and would "actively engage in the hotel industry, tourism, property investment, and development within the Pacific area."

The acquisition was subject to New Zealand Government approval, the statement said.

Mr Williams told the NZPA he had advised the Prime Minister and Minister of Finance (Mr Muldoon) of the agreement with Carrian and was confident that approval would be obtained.

He said he would be chairman of the renamed company. and a Carrian nominee,

Mr John McLean, a New Zealand lawyer practising in Hong Kong, would become deputy’ chairman. Under the agreement, Mr Williams would become a director in three Carrian subsidiaries. He said that Carrian Investments. which had a market value worth in excess of ?NZI billion, would be investing about $22 million in the company. The authorised share capital of Williams Investments would be increased from $lO million to $5O million, and paid-up capital would go from $7 million to $29 million.

Mr Williams said it was eventually planned to seek stock exchange listing in Nev; Zealand for CarrianWilliams Investments. Ltd.

“The new company will have an asset value of about $6O million to $7O million." he said.

Mr Williams, who described Hong Kong as "the money market of the world today," said he expected the tie-up with Carrian to be particularly helpful in the development of New Zealand’s tourist industry.

"As a property developer. I see the maximum opportunities in New Zealand at the moment as being in the tourism field." he said. The involvement with Carrian would assist in the financing of a planned $35 million. 19-storey 700-room hotel on the corner of Jervois Quay and Hunter Street in Wellington. Mr Williams said apart from its interests in property development and acquisition, Carrian was active in the travel business and was responsible for carrying 16.000 people a month on package tours. It was also in the shipping business and had

nine freighters under construction in Japan, England, Spain and West Germany.

Carrian had property interests elsewhere in Asia and in the United States and, through its involvement with his company, was likely to acquire interests in Australia and Britain.

Mr Williams said he was keen to get involved in property development within Australia.

Williams Development Holdings is also building a hotel in Xiamen, China.