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Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealand

zeroo

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A group of 109 mostly Singaporean and Malaysian investors who bought apartments in New Zealand lost a total of NZ$10 million (S$9.2 million) in deposits when the developer went bankrupt in the wake of the global financial crisis.

Not only did the investors fail in a legal bid to recover their deposits, they have now been stung for another NZ$36 million (S$33 million) in a counter-claim by the firm run by the receivers, to recover losses during the global financial crisis in Queenstown. In February, the High Court of New Zealand ruled that Kawarau Village Holdings was entitled to deposits and the NZ$36 million from the group of Asian investors.

This group - none New Zealanders - invested in the failed NZ$2 billion (S$1.8 billion) Kawarau Falls development in the South Island between 2006 and 2009.


Court documents said the investors bought off the plan units in Lakeside West and Kingston West, to be constructed on the shores of Lake Wakatipu, near Queenstown.
The buildings were to be Stage 1 of a three-stage integrated lakeside resort development known as Kawarau Falls Station, set to become a world-class resort with 13 hotels and serviced apartment complexes.

Conceived in 2005, the buildings were part of Auckland developer Nigel McKenna's ambitious project during a buoyant period for property development there. The units were marketed for sale in Asia by Austpac Investment Consultancy.

Singaporean Alex and wife Lisa went to Austpac's Collyer Quay sales launch in 2006. Under two weeks later they opted to buy a one-bedder Kingston West serviced unit for NZ$369,000. The pair, who asked to be known by only their first names, told The Straits Times they paid NZ$70,000 in deposits by 2007.

Housewife Lisa, 48, said: "We were promised a guaranteed rental yield of 6 per cent a year after completion. And we were told that we would be able to stay in the apartment for two to three days a year."

Businessman Alex, 50, added: "We wanted to own a second property but we could not afford one here. So we looked for one overseas... we thought the worst-case scenario would be to lose our deposits."

Another Singaporean who declined to be named said he travelled to Queenstown before sinking about NZ$150,000 in deposit for a two-bedroom apartment at Lakeside View, costing over NZ$1 million. He faces about NZ$700,000 in damages, and says he has already spent $30,000 in legal fees.

In 2009, the original developer Peninsula Road was bankrupted by the global financial crisis and placed in receivership in 2010.

Some time in 2011, the group of investors were served settlement notices by the receivers for their purchases - to pay up the full amount. But none of them settled, alleging that Kawarau Village has breached the contract they had signed.

In March 2012, Kawarau Village proceeded to cancel all of the sales and purchase agreements and forfeited the deposits. The group of investors jointly sought a court order for the return of their deposits. Last March, Kawarau Village started legal proceedings against Mr David Yuen who runs Austpac over a guarantee to buy the units if buyers defaulted.

Lawyer Phil Creagh of Anderson Creagh Lai, representing over 30 investors, told The Straits Times in an e-mail that fewer than 10 of them have come to a settlement with Kawarau Village. The rest have proceeded with a joint appeal against the judgment to be heard next August.
 

zeroo

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

Wonder why no NZ people bought into this? Because it's a project designed for Sinkie morons.
 

xebay11

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

Why everytime sinkie get cheated?
 

frenchbriefs

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Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

it takes a certain kind of talent that only sinkies have to lose deposit,get cheated of their apartments,lose legal fees and get sued for even more money.
 

shittypore

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

it takes a certain kind of talent that only sinkies have to lose deposit,get cheated of their apartments,lose legal fees and get sued for even more money.

Nothing new for Sinkies their whole they been cheated by the Familee in Sinkieland, let others take little advantage is good.
 

harimau

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

2009 case now then discuss? NZ courts is really slow!

Wah! Like this also can? Double scam? Bunch of crooked criminals Pakat with high court!

Protect the locals to screw foreigners monies?

One million NZ for a two bed room apartment? Are they out of their mind?

Chinese cheating Chinese! Sigh!

Not only did the investors fail in a legal bid to recover their deposits, they have now been stung for another NZ$36 million (S$33 million) in a counter-claim by the firm run by the receivers, to recover losses during the global financial crisis in Queenstown. In February, the High Court of New Zealand ruled that Kawarau Village Holdings was entitled to deposits and the NZ$36 million from the group of Asian investors.
 
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tonychat

Alfrescian (InfP)
Generous Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

2009 case now then discuss? NZ courts is really slow!

Wah! Like this also can? Double scam? Bunch of crooked criminals Pakat with high court!

Protect the locals to screw foreigners monies?

One million NZ for a two bed room apartment? Are they out of their mind?

Chinese cheating Chinese! Sigh!

Not only did the investors fail in a legal bid to recover their deposits, they have now been stung for another NZ$36 million (S$33 million) in a counter-claim by the firm run by the receivers, to recover losses during the global financial crisis in Queenstown. In February, the High Court of New Zealand ruled that Kawarau Village Holdings was entitled to deposits and the NZ$36 million from the group of Asian investors.

Because sinkies are not the priority in the world.. There are much more important matters to settle.
 

Scrooball (clone)

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

Always the gong cheebye Sinkies who get conned.

CHC, NKF, Ren Ci, Workers Party bullshit etc
 

Papsmearer

Alfrescian (InfP) - Comp
Generous Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

I remember I looked at this deal back in 2012. I attended a property fair and they were still marketing the bungalow land lots by the lake. I recalled the name was very unusual, Wakatipu. I did not invest because the place is out in the middle of no where. And it was not cheap for a building lot either. But there was quite a lot of action around their booth. I am sure some sinkies bought. But how can they continue to market them in singapore when they are under a lawsuit like this?
 

GOD IS MY DOG

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

let's all sincerely hope that over 70% of these Sinkie suckers are PAP voters................
 

Papsmearer

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

let's all sincerely hope that over 70% of these Sinkie suckers are PAP voters................

What does it say about the PAP that the property market is out of reach to most sinkies and to such a degree they have to leave their own country to invest in other countries? How much money drained out of singapore this way? auntie Jinx so successful, why she dont start a REIT and allow all sinkies to put their money in there and invest properties? Better to keep it in country.
 

Scrooball (clone)

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What does it say about the PAP that the property market is out of reach to most sinkies and to such a degree they have to leave their own country to invest in other countries? How much money drained out of singapore this way? auntie Jinx so successful, why she dont start a REIT and allow all sinkies to put their money in there and invest properties? Better to keep it in country.

It means pap have done a good job such that they still have money to invest. In some other countries, even food is a problem.
 

Narong Wongwan

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Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

Why everytime sinkie get cheated?

Yes. Seldom hear sinkie cheat foreigners always kena cheated.
If got sinkie cheater like Con Hee and pappy scums....they also only good at cheating fellow sinkies.....not one international or even regional level cheater. What Li Ao said rings true
 

The_Hypocrite

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

it takes a certain kind of talent that only sinkies have to lose deposit,get cheated of their apartments,lose legal fees and get sued for even more money.

How can the counter claim go through ? Wat liability does the buyer have? The counter claim is bs..n the company will have to sue them in a singapore court. N those kiwis can come to spore n just take the singkies asset?
 

eErotica69

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Generous Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

A group of 109 mostly Singaporean and Malaysian investors who bought apartments in New Zealand lost a total of NZ$10 million (S$9.2 million) in deposits when the developer went bankrupt in the wake of the global financial crisis.
....

Because sinkies are not the priority in the world.. There are much more important matters to settle.


Fucktard, also your fellow matlanders
 

Leongsam

High Order Twit / Low SES subject
Admin
Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

This is what happens in NZ without the PAP in charge.

The NZ government has no control over the country and these fraudsters and conmen run rings around the authorities and the government can do nothing.

Singaporeans should be grateful they live in a peaceful, law abiding society thanks to the PAP. I wish I was back in Singapore where the PAP looks after me instead of having to rely on my own devices in lawless NZ.
 

krafty

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Asset
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

i heard that in down under and NZ, the locals shun apartments, only sinkie morons will be interested to buy apartments due to they having one back in sinkieland. most of the locals stay in the suburb houses.
 

tonychat

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Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

Happy to know that sinkie loser get cheated.
 

greedy and cunning

Alfrescian
Loyal
Re: Sinkie investors lose $9m in deposits after developer goes bankrupt in New Zealan

This is what happens in NZ without the PAP in charge.

The NZ government has no control over the country and these fraudsters and conmen run rings around the authorities and the government can do nothing.

Singaporeans should be grateful they live in a peaceful, law abiding society thanks to the PAP. I wish I was back in Singapore where the PAP looks after me instead of having to rely on my own devices in lawless NZ.

yes they have lots of rules to protect sillypootian cpF money
if you are surrounded by 4/5 persons the police can arrest them and keep u safe.
 
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