Investors are keen to return to earthquake-damaged Christchurch as rebuilding in New Zealand’s second-largest city begins, according to the Canterbury Earthquake Recovery Authority.
“Investors are turning up at our office wanting to talk about opportunities,” Chief Executive Officer Roger Sutton told parliament’s finance and expenditure select committee in Wellington today.
About 20 central-city building projects are under way even as demolition on some of the tallest office towers begins and will take another year, Sutton said. More than a year after a temblor that killed 185 people and closed the business district, the city is becoming attractive to companies and investors from New Zealand and overseas, he said.
Christchurch was “well insured” and that money “will flow back into the city,” Sutton said. “There will be some investors who take their money elsewhere but we will see different investors going forward.”
The authority has more than 1,000 commercial buildings to demolish and will also manage 6,000 home demolitions in coming years, he said. It is investing about NZ$40 million ($32 million) a month on power, water and road repairs that will take more than four years to complete.