The Chow brothers’ property empire is in “better shape than many” to ride out the downturn and survive what for many developers are crippling finance costs, Sir John Key tells BusinessDesk.
The former prime minister and his son, Max, entered into a development co-venture with the Chows in February 2022, under their MTK Capital entity.
The Hong Kong-born brothers and wider family own volume home builder Stonewood, having amassed their early fortune running Wellington takeaway, strip club and massage parlour operations.
The target was to raise about $100m by this year, with projects under way in the eastern Auckland suburbs of Glen Innes, St Heliers and Wai o Taiki Bay.
The company held full equity in those properties.
