Allied Farmers says it won't pay Hanover $5m
Allied Farmers says it will not be making a $5 million payment to Hanover Finance.
Allied Farmers says it will not be making a $5 million payment to Hanover Finance.
About 10,000 new homes need to be built in NZ to keep pace with population growth and ease the current housing squeeze, a new report shows.
The manager of National Property Trust has bowed to unitholder pressure and stepped aside.
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House prices fell 1.4 per cent across New Zealand in May, according to the latest REINZ Monthly Housing Price Index, released this morning.
Allied Farmers says it's been awarded $6m from a long running legal dispute around a Beverly Hills property development.
Fears of a mass investor exodus from the property market as a result of Budget tax changes have failed to materialise, but many landlords are ready to put up rents.
The tropical playground-style Parnell mansion of wealthy Hanover co-founder Mark Hotchin is said to have sold for about $4 million.
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Allied Farmers is due to pay Eric Watson and Mark Hotchin a further $5 million by the end of this month.