Mainzeal Property and Construction Ltd was one of the leading New Zealand property and construction companies until being placed into receivership on 6 February 2013 and then being placed into liquidation on 28 February 2013. According to its website, Mainzeal has been involved in delivering $7.5 billion of construction projects across New Zealand and employs 400+ people. It is held by Richina Global Real Estate which is part of Richina Inc, an independent and closely held New Zealand-headquartered Asia Pacific holding company.
History
It was founded in 1968 as a branch of Mainline Corporation Ltd, an Australian company to develop of harbour-front land in downtown Auckland, New Zealand as part of Mainline-Dillingham-Fletcher. Mainline Contractors Pty Ltd was established from this base and in 1969, became Mainline Corporation of New Zealand, a publicly listed New Zealand company, adopting the name Mainzeal Corporation Ltd in 1975. The Richina holding company was created when Mainzeal acquired a New Zealand leather business and in 1996 it changed its name to Richina Pacific and started investing in China, where its owners saw major business opportunities. Richina Pacific delisted from NZX in January 2009. In 2006 Mainzeal experienced some financial setbacks, posting large losses associated mainly with the 'Scene One', 'Scene Two' and 'Scene Three' apartment developments in the Auckland CBD and the close-by 12,200-seat Vector Arena in Quay Park. However, the losses on these projects were recovered, with Mainzeal's pre-tax earnings reaching US$1.6 million surplus compared to US$2.8 million loss in the previous year. Following the Christchurch earthquake, 2010 Vero appointed the MWH Mainzeal joint venture as their preferred partner in their efforts to rebuild Canterbury. In 2011 Mainzeal expanded its services to include facilities management and they entered the residential market with a division called Mainzeal Living. On 6 February 2013 Mainzeal Property and Construction went into receivership, leaving workers and subcontractors locked out of worksites. On 13 February 2013 receivers took control of Vic 200 Ltd, the company which owns Mainzeal's head office building in central Auckland. In the same week another Richina owned company, King Facade Ltd, went into voluntary liquidation. On 28 February 2013 Mainzeal Property & Construction Ltd and further companies in the group were placed into liquidation - making a total of twelve companies in liquidation. The companies now under the control of the liquidators are; Mainzeal Group, Mainzeal Property and Construction, Mainzeal Living, 200 Vic, Building Futures Group Holding, Building Futures Group, Mainzeal Residential, Mainzeal Construction, Mainzeal, Mainzeal Construction SI, MPC NZ, RGRE. By April 14, the company had only 14 staff left, down from around 500.
