Adult entertainment and real estate specialists the Chow brothers and another investor have bought the national franchise rights for one of New Zealand's largest home builders, Stonewood Homes.
An announcement has just been published outlining details of the deal.
"Property magnates the Chow Brothers and corporate finance specialist Clint Webber have bought the troubled Stonewood Homes business assets - third largest house building company in NZ - both the national franchise rights and the Christchurch franchisee - from receivers KordaMentha for an undisclosed sum," a statement said.
"The Chow brothers have a proven business track record, having built a $200 million portfolio of commercial buildings in Auckland, Wellington and Rotorua in just 18 years with 200 employees working for the group between Auckland Wellington," it said.
John Chow was in Christchurch for the announcement.