Auckland Seascape tower developer Shundi Customs put into receivership
The company developing New Zealand’s tallest tower, the 56-level Seascape in downtown Auckland, has folded, raising questions about what happens to the partly-built skyscraper.
Shundi Customs, incorporated in 2014, is now in receivership.
Brendon Gibson and Neale Jackson of Calibre Partners were appointed today by China Construction Bank.
Related business Shundi Tamaki Village is now also in receivership.
Shundi Customs owns Seascape, the 187m tower on Customs St East.
“The receivers’ immediate priority is ensuring the development continues to remain safe and secure,” Gibson and Jackson said.
Shundi has been unable to restart major construction works since they ceased on-site in August 2024, they said.
“We will work with the current contractor onsite, Icon Construction, to ensure the development remains safe and secure,” Gibson said today.
“Our focus will then move to assessing options that will see funds generated to repay creditors. Seascape is a partially completed development. While we will move as quickly as possible to assess options, it may take some time considering the nature of the asset.”
Related company Shundi Tamaki Village owns a former Auckland University campus in Glen Innes.
Jackson said that would be sold.
“We are likely to start a marketing campaign soon for Shundi Tamaki Village’s assets. Tenants and other users of the site should not expect any disruption while the sale process is running.”
The receivers will make further statements as the receivership progresses.
Shundi Customs directors are Huojun (Harrison) Shao, Yi Shao and Lijuan Zhu, all of Customs St in the CBD.
Last month, one of the world’s biggest builders, China Construction, applied to liquidate Shundi Tamaki Village.
That company and Shundi Customs are both 76% owned by Shundi Group Investment and share a director: Harrison (Huojun) Shao.
They both use the accountants Gilligan Sheppard.
China Construction has chased Shundi Customs over a $33 million debt for the long-stalled, partly-built 56-level Seascape apartments in downtown Auckland.
Chinese developer Shundi was not only building the downtown tower on Customs St but also bought land in St Johns from the University of Auckland, where it had its Tāmaki campus.
However, Harrison Shao was defending Shundi last month, saying it would fight the legal action.
Shundi will defend China Construction NZ’s application to put Shundi Tāmaki Village into liquidation, if required. However, with the settlement fund being agreed to be paid in China, Shundi expects the matter to be resolved prior to the hearing, Shao said.
“The parties each have residual obligations to fulfil to close out prior to the hearing, but these have largely been resolved, pending final payment.”
A comment has been sought from Shao today about the receiverships.
Jillie Clarke of Shundi said all questions should now be directed to the receivers.
Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.