Third Chinese bank eyes NZ

Business

Bank of China, yet to receive RBNZ banking registration, leases Auckland office space

7th Aug 14, 5:00am by Gareth Vaughan

<a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

Bank of China looks set to be the next Chinese bank to set up shop in New Zealand.

The bank took out a long-term lease on just under 600 square metres of office space on the top floor of 205 Queen Street within the last two to three weeks, Metro Commercial director Martin Hudson told interest.co.nz. This building is the former National Bank Centre in Auckland's Central Business District.

If it does launch in New Zealand, Bank of China will be the third of China's big four government controlled banks to enter the New Zealand market.

To launch banking services in New Zealand however, Bank of China will require banking registration from the Reserve Bank. Both Industrial and Commercial Bank of China and China Construction Bank have received this in the last year.

The Reserve Bank doesn’t confirm, deny, comment on or discuss licence applications.

Bank of China's New Zealand ambitions emerge as the People's Bank of China, China's central bank, investigates whether the bank has been laundering money overseas for customers as was recently claimed by a Chinese state owned broadcaster.

The building at 205 Queen Street also houses ANZ's flagship Auckland branch, and was sold by Kiwi Income Property Trust last year to a company associated with Brisbane-based Bloomberg Incorporation Limited.

Bank of China's already active in Australia.

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16 Comments

by raegun | 7th Aug 14, 2:09pm 1407377393

Chinese govt controlled banks, Chinese govt involved corporations buying up land and setting up their own process plants.

No I think we have to sit down and have a cup a tea and a wee chit chat about some of this

by xingmowang | 7th Aug 14, 3:25pm 1407381943

Who's gonna sit with you and have that wee chat?

by raegun | 7th Aug 14, 4:37pm 1407386273

Most of NZ

by xingmowang | 7th Aug 14, 4:46pm 1407386775

Such as the bunch in Dotcom's rally yelling 'F JK' ?

LoL ;-)

by raegun | 7th Aug 14, 5:06pm 1407388012

No, such as ordinary everyday NZers including National voters who are becoming increasingly uneasy with what is going on.

Up till a couple of days ago I thought treat them all the same until the dawning of the realization that Pengxin and its cohorts, including the Chinese COMMUNIST government do indeed have ambitions to own a LOT of NZ farmland and with the processing capacity, the whole vertical integration thing is very real indeed. I think this is in NZs very worst interests and I think now that it is just as important for extremely strong laws about accumulation of large amounts of land and numbers of farms may be the first step we must take. And we must have very strong laws to prevent vertical integration from occuring.

I am very serious about this, and want people to think beyond the whole ban foreigners now, as we are not going to get everyone one board with that but I am sure with all the information we should have, that most people will be nervous about the whole vertical integration thing

I assume you are Chinese, either born here or immigrated, if immigrated I assume you had a good reason to leave China, I hope that becoming an NZer was high on your list of things to do.

I find it truly odd that all these free market afficianados are so happy to sell out to a communist regime for a few shekels. I think they are barking mad, frankly

by Ergophobia | 7th Aug 14, 6:01pm 1407391274

Very good raegun. Olde Ergophobia has been banging on for years too about the way this current crop of whig creatures have crawled into and taken over the National Party, selling their country out to Communists tyrants (among other undesirables). Most modern Nats (sadly) just seem to want power though, not principles, and the Creatures have them in their hand.

by RealMe | 8th Aug 14, 12:36pm 1407458219

Right on raegun!

We all see what's happening yet it is denied that it is happening at all.

People are not stupid but disillusioned and helpless to do anything to act on it and when we try we are "racist" although that term does not apply to what we are saying.

Protectionist maybe because we care and love this country that was so different to the rest of the world. That is not a bad thing and something to be proud of and stand up for, but that situation is dissappearing - sold off for money which is ultimatley printed and worth nothing except to those that worship monetary wealth above all else.

A point I wanted to make and see people deny is that of the mass immigration of senior folk from other lands, with one standing out in particular.

I hear that our demographics are starting to strain supporting the supperannuant folk. Ie not enough workers/ tax payers to support the increasing number of retirerees being paid super annuation.

Yet the government/ people in charge are quite happy to allow the immigration of a young couple, who then get both parents here, who then start popping out babies.

So if the current,/ general sitation was 4 workers for every 6 superannuants and worsening over time naturally, why would you allow imports of of 2 adults to 4 pensioners (and that is if the pregnant wife in that unit is working and not already on the benefit?!!?

Our country will be or already is NZ R.O.C.

by David Chaston | 7th Aug 14, 6:23pm 1407392594

I doubt you will find "most of NZ" is anti foreigner, even anti Chinese. Maybe in your circles, I accept. But I find kiwis like the changing diversity. Perhaps in some centres that have 'always had' a certain mono-centric view there is worry about change, but change will make us stronger. Change worries some because it brings uncertainty, and a certain volatility. But those are no reasons not to embrace change.

Besides, out of all this, I see Kiwis winning not losing. I say, leave the conservatives to their angst. They are going to always fear change. We need (and, I believe have) a much more liberal outlook as a country. The last thing we should do is push our inherited Anglo whining to the fore.

by raegun | 7th Aug 14, 6:29pm 1407392974

How about you address the whole involvement of the Chinese COMMUNIST govt then and the whole vertical integration thing, go on, I dare you to

by Stephen Hulme | 7th Aug 14, 6:54pm 1407394461

Depends on one's understanding of the meaning of liberal:

Fiji remained strategically important for China and Beijing was privately candid about linking development assistance and economic engagement with `guaranteed' political support on issues of interest to China." Read more

by raegun | 8th Aug 14, 7:08am 1407438533

Well, DC?

by HP | 7th Aug 14, 7:31pm 1407396699

Wake up people, the chinese people/govt will buy every asset it can lay their hand on and send all the profits overseas or themselves. i don't care if i get labelled racist - its a fact. I have a huge problem with them buying up and farms and our intellectual knowlege.

It riles me that the chinese parents/grand parents are here - dont speak a word of english, don't integrate, and feed off our generous welfare system. They have no contributed at all to society and yet they get a super, free health care. Why should they get a ' hip' or ' knee' operaton paid by the tax paper. if you new what i know you would be disgusted.

FYI; not just Chinese, but Indian, Islanders,

The Chinese will rape our resources and we stand back and think its ok. i lived in China for a few years and know a little about their agenda.

Its so predictable - its really sad :(

by RealMe | 8th Aug 14, 12:50pm 1407459017

Exactly a point I made above and well said by yourslef there HP.

I would support a policy from the government that said we will accept 2000 refugees per year who can join the country and become our citizens and get all the benefits afforded to naturally born kiwis. All the rest- If the country that you have come from does not offer what NZ has in terms of it's welfare system then you must fully support and pay fro yourself while you are here.

My point is- Can I go to China or other countries in the Middle East etc and do nothing excepty sit at home or walk around the malls all day there while being paid by the government a comfortable amount to live on and get all the free health care I need? plus everything else we give them here? NO

So if your government doesn't offer it to NZ citizens then you dont get it here.

We are giving away our past fights, future and childrens future to those who do not respect or understand what it means to be a NZer.

GRRRR so over it, problem is it's getting worse by the day.

by Smalltown | 7th Aug 14, 7:48pm 1407397695

News from Australia says that immigrants are snaring all the net job growth - who would know the situation here? Probably one of those answers John Key doesn't want to know. As JK would say "I know intuitively when I go into a Chinese cafe all the staff weren't born here"

http://www.theage.com.au/federal-politics/political-news/call-for-migra…

by iconoclast | 7th Aug 14, 11:08pm 1407409690

Yes, on the ABC in the morning news it was stated a bit differently - the rate of inbound migration is running ahead of and exceeding the rate of new-job-creation - which is an interesting metric

Is the rate of inbound migration less than or greater than the number of new jobs created in NZ

by dobrydan | 7th Aug 14, 10:30pm 1407407440

I liken New Zealand to West Ham Football Club, plenty of talent and resources only to be sold off to the big boys like Chelsea and Man City.