KEY POINTS:
Christchurch City Council has paid $17 million to buy five central city properties from struggling developer Dave Henderson.
Christchurch Mayor Bob Parker said the purchase was a strategic move to protect the city centre from poor development.
Henderson said the properties were sold for "way below our book value and in one case half our book value".
An application for the liquidation of Henderson's Property Ventures and Five Mile Holdings companies is before the High Court.
