Australian construction giant Doric Group has partnered with China Wu Yi to form Wu Yi Doric, a new entity that will initially compete for tier-one construction projects across Western Australia.
The new company spawned from a meeting between Doric and the Chinese firm at the World Traders Association two years ago, and was officially registered as a 50-50 joint venture between the two in October 2017.
For Wu Yi, an integrated property group covering the global construction, technology and real estate industries, the deal represents a maiden venture into the Australian market.
“We’d been seeking a way to enter the Australian market faster and more effectively,” said Wu Yi’s chairman Qiu Liang Xin.
“In our 30 years, China Wu Yi has collected rich experience in engineering and constructor management and international business and pre-fabrication technology.
“So the cooperation between our two companies is a win-win situation.”
Wu Yi will provide financial capacity, technical support and construction materials to Doric’s endeavours, most notably offering its own prefabrication technologies.
Doric’s current projects include Yagan Square, Subiaco’s Station Street commercial development and the Melbourne Hotel redevelopment.
Wu Yi Doric’s strategy will initially focus on the WA market, before expanding nationally and finally into Southeast Asia.