The corporation is being urged by investors in a leaky west Auckland apartment block, rented by Housing New Zealand, to buy them out.
As claimed by the investors, the corporation was actively involved in the design and construction of the building in 2004. So, they are responsible for solving the structural problems.
Adrian Chitty, a body-corporate committee member, said that he purchased an apartment "since it came with a 10-year lease to Housing New Zealand and it looked like a rock-solid investment."
The motorists and business owners are not happy with a plan that aims at cutting free evening parking in downtown Auckland.
The council believes that this move will help in creating more space for parking; however, many describe the move as a useless attempt.
Alex Swney of Heart of the City said: “Its laughable... we certainly haven't asked for it... people jumping out of restaurants an hour into their meal (to) feed the meter is not conducive to city building. It's just nuts.”
As per the media reports, Mark Bryers, the founder of the failed property investor, Blue Chip, pleaded guilty Friday at the Auckland District Court, to three charges relating to failed investments.
Bryers was found guilty of failure to abide by a notice to attend a creditor meeting, failure to attend watershed meetings, and failure to keep adequate accounting records. It was in February 2008 that Blue Chip had shut down, with over 2,000 New Zealand investors losing $84 million.
Vodafone-2degrees secret deal has come under the scanner as the Commerce Commission has opened an investigation into a potential breach of the confidentiality order.
The commission, on August 5, demanded removal of a related story from NBR's website as it violates the provisions made in Section 100 of the Commerce Act that confers power to the government agency to ban disclosure of information.
The regulator found breach of Section 100 of the Commerce Act on account of the publication of confidential information.
With recession tightening its monstrous claws, tough economic conditions are holding back rental growth opportunities in both its retail and office properties, says Kiwi Income Property Trust (KIPT).
It was forwarded by Chris Gudgeon, chief executive of KIPT to the listed property trust's unit holders at the annual meeting that they should expect a subdued market with a lower level of economic and investment activity in the months ahead.
Fletcher Buildings, one of the New Zealand’s biggest companies, has confirmed a $46 million loss for the year. However, the company officials expressed that considering the global economic conditions, it is not a bad result.
The company which has already made 2,500 people redundant is fighting a huge downturn in the housing market.
According to the company, it is hard to predict as to when the economy will turn. This loss has been seen by Fletcher Building for the first time in eight years.
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