!['Experts' have worked for Hanover](/pf/resources/images/placeholders/placeholder_l.png?d=795)
'Experts' have worked for Hanover
Hanover investors will have to make a decision whether to approve the company's proposed debt-for-equity swap with Allied Farmers.
Hanover investors will have to make a decision whether to approve the company's proposed debt-for-equity swap with Allied Farmers.
The $400 million deal by Allied Farmers to buy assets from Hanover Finance has been greeted with scepticism.
Hanover owners Eric Watson and Mark Hotchin are tipped to come off well from a proposed deal to bail out investors.
Allied Farmers has signed an agreement with Hanover Finance and its subsidiary United Finance worth approximately $400 million.
Hanover Finance says some of its property investments are showing signs of life.
New Zealanders are still optimistic about the state of the housing market, according to an ASB survey.
Hanover investors' $500 million is tied up in a vast spread of partly built luxury housing estates and resorts - one still a hole in the ground.
A big chunk of the surviving finance company sector is unlikely to outlive the retail deposit guarantee.
Investors in Hanover Finance will not now get all their money back and are instead likely to receive 70c in the dollar over five years.
A shortage of homes for sale has pushed Auckland's residential property values higher than a year earlier, QV figures show.
Rich Lister Gary Lane wants more than $10 million for a piece of land once donated to the people of Auckland - and estate agents say someone will cough up the cash.
Auckland property prices surged nearly 6 per cent in October, says real estate company Barfoot & Thompson.