"The growing inbound tourist sector together with New Zealand's reputation of being one of the best places in the world to do business made Auckland the ideal location for our newest Park Hyatt," said Udell.

Park Hyatt Auckland was designed by Singaporean-headquartered AR+D Studio principal Ali Reda and local award-winning firm Bossley Architects, with interior design by Conran + Partners.

The project will be a joint venture between Chinese and New Zealand-based construction companies, with details of the partnership to be announced in April.

Lu Jinyong, a professor at the University of International Business and Economics in Beijing, said China's overseas investment is expected to exceed foreign investment in this country in two years.

Last year Chinese mainland's investment abroad ranked No 3 at $130 billion, following No 2 Hong Kong at $165 billion and No 1 the United States at $384 billion.

"To invest in the hospitality property market in a tourism country such as New Zealand has a bright future and a controllable risk," said Lu.