Creditors owed nearly $600m on Auckland's Seascape tower

It has been revealed that the developer behind the partially completed Seascape tower in Auckland owes creditors $589m.

The largest of those, according to a first receivers' report released from Calibre Partners, was China Construction Bank, which was owed $133 million.

The report said related parties were owed $372 million, and unsecured creditors were owed a further $71 million.

Last month, it was revealed that the partially completed 56-storey building was to be sold, with Calibre Partners engaging Bayleys Real Estate.

Work stopped in August 2024 on the building, following a legal dispute between the developer, Shundi Customs, and the main contractor, China Construction NZ.

A tribunal ruled Shundi owed the builder about $33 million, which was not paid.

Shundi Customs was placed into receivership in March this year.

Construction on the $300 million project began in 2017 and was originally expected to be completed in 2021.

However, Covid‑era disruptions, escalating costs and technical issues delayed progress for several years.

The tower was structurally "topped out" in 2024, meaning the main frame was completed, but the façade and interior fit‑out remain unfinished.

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