The new company, Wu Yi DORIC, is a 50-50 joint venture, and will target A$100 million-plus projects in Australia and Southeast Asia.
Doric Group CEO Vince Mulholland reportedly said the company had been on the hunt for a major partner to enable it to position itself as a tier one contractor.
It is understood Doric will bring management skills, construction expertise, local industry networks and reputation to the deal. China Wu Yi’s contribution lies in its financial clout, technical support and access to construction materials, as well as prefabrication technologies.
Wu Yi Australia Director Kobe Chen reportedly said a key aim of the joint venture would be to help the construction industry grow “with the introduction of new technology that has already shown impressive results internationally.”
“Innovative technology can help with speed of construction as well as reduce costs.”
China Wu Yi chairman Qiu Liang Xin, in Perth in January for the launch, concurred that the company’s track record in prefabrication was key.
The company has already rolled out six factories in China. A short term plan for the joint venture will be to set up a factory in Perth before rolling out further sites across Australia over the longer term.
Wu Yi is based in Fuzhou and has been listed on the Shenzhen Stock Exchange since 1997, and by the US Engineering News-Record as one of the Top 250 International Contractors since 1994.■