Two hotels in Auckland, New Zealand, owned by collapsed firm South Canterbury Finance will be sold for NZ$70m ($52.9m).

The Hyatt Regency Auckland is expected to fetch NZ$50m ($37.8m) and the Christchurch-based Hotel SO could be sold for up to NZ$20m ($15m).

Lang LaSalle Hotels in Auckland is working on the sale on behalf of the New Zealand Government.

The sale has received initial expressions of interest from firms in Asia, Australia and New Zealand.

Bidders are being shortlisted and the selected firm will be announced either later this year or early next year, according to investinnz.co.nz.