Real estate 'king' sells advice despite receivership

Don Ha. Photo / Herald on Sunday

Self-described real estate "king" Don Ha will sell his property and business advice in a series of seminars starting next week - despite receivers taking control of his property company.

The "Millionaire Secret Recipe" seminars were advertised in a Sunday newspaper and urged people to "commit to your success" by purchasing a $29.95 ticket to one of three events.

The ad titled Can You Survive Your Own Financial Crisis? said the three-hour seminars were a chance for people to learn from Mr Ha's experience in property, finance and business.

Mr Ha's fortune was estimated at $60 million by National Business Review in 2007, but last week receiver Grant Thornton took control of Don Ha Real Estate's properties and assets.

Duong Hai Ha came to New Zealand as a Vietnamese refugee in 1980 at the age of 9, and his subsequent rise to wealth has been hailed as the classic rags-to-riches tale.

He is as well known for his love of horse racing as his real estate business and public speaking.

Catherine Newton, general manager of Don Ha Academy, the company running the seminars, said the bank that put Mr Ha into receivership had made a mistake and her boss was staying positive.

"It's going to be a wonderful way for him to really get the message out there that it happens to the best of us.

"If you look at the example of Donald Trump, look at how many times he's gone into receivership, many of them being unfounded."

She said that with about 50 companies put into receivership every day in New Zealand it was a great opportunity for people to learn how they could avoid a similar fate.

"Isn't that worth Don taking his learning and telling people ... how [they] can avoid [their] own financial crisis?"

Don Ha Real Estate was a Ray White Group franchise.

On Friday, Ray White New Zealand chief executive Carey Smith said the receivers would get the company's support in the receivership.

But that changed over the weekend and Mr Smith said yesterday the company had withdrawn from the process.

"Our original intention was to assist in the receivership process. However, more information has since come to light, and we [are] now of the opinion that our involvement would not be advisable."

The extent of Don Ha Real Estate's problems will not be known until May 20 when the first report is due.