29 Sep 2011

China Development Bank looks to NZ

8:59 am on 29 September 2011

A major Chinese bank could soon be eyeing up long-term investments in New Zealand.

China Development Bank (CDB) is China's largest development financial institution and has 300 billion renminbi ($NZ59 billion) worth of registered capital.

In New Zealand on Wednesday, the bank's president signed an agreement with accounting firm PricewaterhouseCoopers, which will provide financial advice and assistance for any projects the bank may consider investing in.

PricewaterhouseCoopers chief executive Bruce Hassall says the bank does not have any specific investments in mind at the moment, but is interested in projects with an emphasis on agriculture, infrastructure, natural resources, finance and the reconstruction of Christchurch.

Mr Hassall says China Development Bank is a long-term investor and the agreement should also help to foster relationships between other New Zealand and Chinese firms.