Chinese construction company begins on $700m housing project in south Auckland

Construction has begun on a giant housing estate in south Auckland which will deliver more than 1000 homes, including some deemed affordable. 

Changda Corporation has already fully funded the $700 million investment. Source: 1 NEWS

The Special Housing Area is being developed by a Chinese Company - Changda Construction - which is investing heavily in New Zealand.

The $700m investment is already fully funded, and they are promising to provide affordable housing.

Ten per cent must be affordable or priced below $600,000. 

"We're definitely within the maximum charging price because we want to create homes for people that are affordable," Chanda's NZ general manager Liu Yanbing said. 

A 45 square metre studio apartment will cost around $450,000, while larger homes could reach $850,000.

The development is next to the Vodafone Events Centre in south Auckland.