Don Ha responds to real estate receivership
UPDATED: Don Ha has responded to news his real estate company has been put into receivership, saying this is not the end and that his staff are standing by him.
In a statement posted on his website, Mr Ha thanked customers for the calls of support he had received and said opposition companies had tried, unsuccessfully, to poach his top staff.
He said his bank had acted prematurely in tipping Don Ha Real Estate into receivership and was confident the "situation will be cleared up."
"Without going into too many details it came to my attention recently that some of the management controls and reporting systems employed by Don Ha Real Estate Ltd weren't what they should have been. I am confident that the bank which put me into receivership doesn't have a true understanding of my position. I wish they had communicated with me more before taking their action because this could have been avoided. Regardless, I am confident that within time this situation will be cleared up. We will continue to work with the receivers and work towards the best outcome for the business," Mr Ha's statement said.
"The main message today is that there is no reason for anyone connected with any of my businesses to be worried. It is very much a case of "business as usual. Agents are still being paid and vendors will continue to list properties. This whole episode will be a great learning for everyone on my management team. I am extremely positive about the future of Don Ha Real Estate Ltd and anyone who knows me will feel the same."
Don Ha Real Estate, a Ray White Group franchise, has been placed in receivership. Don Ha is a former NBR Rich Lister and horse trader.
The extent of the company's financial woes will be revealed on May 20 in the first receiver's report.
Ray White chief executive Carey Smith said receivers Grant Thornton had requested, and would receive, Ray White’s support in the receivership process.
“Grant Thornton now controls every aspect of Don Ha Real Estate, including the management of the rent roll, the sales division, financial income and expenditure, and the compliance of the agency. We have met with the receiver, consulted our legal advisers and assessed the broader implications of the receivership action. We have reached an agreement with the receiver that we will fully support the process," Mr Smith said.
“Ray White will be involved in the day-to-day management and operation of Don Ha Real Estate, with the intention of putting the business into a position where the assets and goodwill can be sold to a third party.”
In October 2009 Mr Ha managed to avoid the liquidation of his company DH Homes Trustees by settling with the party which brought the application against it.
Mr Ha came to New Zealand from Vietnam as a refugee with his family when he was nine. The family later opened bakeries in south Auckland.
He began his real estate career in 1994 and went on to win a string of industry awards. He was valued at $50 million on the 2008 Rich List but has not made the list since.
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Comments and questions42
If you create " new money " it pays to not publicise the fact in case you go broke and your wealth was only lent to you for a short time.
This is a real shame as he was also a poor migrant and actually worked for his wealth as opposed to some of NZ's old families based in Auckland and Christchurch.
Problem with every poor man getting rich too soon.....monies dropping like heavy rains!
I saw it coming. Here he was, offering seminars on quick-get-rich schemes at the Crowne Plaza; a sure sign his business was in trouble.
Agree, Why bother giving siminars to enrich others, and not yourself?
Doubtful he is broke, most likely all "real assets" owned in a Family Trust and other companies not associated or guaranteed by the same bankers of teh Real Estate arm...
Don Ha and Terry Serepisos can get together. Two heads are better than one. Hell, he could even refinance by using WGA.
*Nelson Munz*- Ha Ha!
I hope, Don hasn't forgotten how to collect watercress.
Don Ha is well known for slippery deals that left good people out of pocket - I have yet to meet a real estate agent with integrity, Many are too busy doing deals behind your back. Thats NZ! Get real everyone and wake up to reality.
If any one of you guys have any dissatisfaction with any real estate agents, you have every right to contact:-
The Real Estate Agents Authority
Level 2, 10 Brandon Street
PO Box 25371
Wellington 6146
New Zealand
Phone: 0800 for REAA (0800 367 7322) or +64 4 471 8930
Fax: 04 815 8468
Email: info@reaa.govt.nz
He reminds me of Garry Schultze from Blue Chip. Same slippery personality.
"Talent will get you there... character will keep you there" Bishop Brian Tamaki
Dealing with done Ha just like catching an eel by hands. When i was in Real Estate industry in the mid 90s in Papatoetoe. He was working with Proffesional Real Estate. You just cannot turn your back for a minute or you would feel the pain behind your neck.
If any one think this is the end of Don Ha, they are totally wrong in my opinion.
in response to Anonymous
i would totaly agree with you. Don Ha is a very Clever man and i am sure he knows what his next step is (may be every thing is planned)
Don Ha built and used his high profile to generate and drive business and now, he pays the price when the reverse happens.
He has more integrity than Colin Meads or Richard Long who lured tens of thousands of New Zealanders into leaving money with grossly mismanaged finance companies.
I understand your comments regarding Real Estate Agents~ I have been hurt so much working within larger Real Estate offices by the principles and other salespersons~they are all about the commissions no matter what.
I am over twenty years in the business.
My business ethics has always been with absolute honesty and integrity. I really care about people and their homes and business's.
I am not rich and will never be but I love my work and the great friends I have met and kept through my ocupation. Jx
Agree, as long as you enjoy your job....
Don Ha ha ha ha ha
Just as in any field there are good and bad people in the Real Estate game. Don't write them all off unless you've met them all.
In saying that Don Ha did seem to be a bit on the dodgy side, but I have never dealt with him so my opinion is just that..
"Worked for wealth". Well maybe. But many people don't regard property speculation as a particularly legitimate or ethical business.
Give them a Fair Go - - surely your "opinion" is not even "just that" as you admit to have no experience of the man at all. Perhaps "Total Bollocks" would be a better name?
Do Ha has coned a lot of people left them out of pocket only to boost his ego of wanting to be rich but everything catches up with you in the end.Dont do onto others what you would'nt like to be done to you very true proverb....
Don Ha has always struck me as being: The whole is less the sum of its parts. Always quick to court publicity; bit too show-offy.
So who is the damn bank then? Surely that question must be asked and answered - irrespective of all the other noise - and the bank be given the opportunity to respond.
I see he is now on the Celeb Circuit speaking on How to get rich quick !!!!
Or manipulation as in brains case
It is admirable that he had the gall to make such leveraged real estate bets and put in the hours building his rental business. But like many others in the property industry he couldn't see the cliff as he climbed debit mountain.
Hope, he hasn't forgotten how to bake scones.
what comes around - goes around
he is pure deceiver.. liar and fooled people. u r right what comes around - goes around
i guess he made money by charging $50 or $100 for attending his seminars... dont waste anymore money on it as he cant manage his debts then how can he make anyone rich...
This guy has made a lot of people good money. I havent heard of anyone out of pocket or any unpaid debts. I suspect the bank have pulled the rug prematurely and now risk to lose a huge amount for their shareholder's funds. Was there any consultation with Mr Ha? probably not... a smart receiver would work it thru'
Why have Ray White now disassociated themselves so quickly when they originally said they woud work with the receivers?
Why has the CEO singled out the words
"business as usual" as their reason for withdrawal?
Don thinks europeans are easy marks - just look at his employee's ethnicity mix
knowing don, he will be back in no time. he has solutions for everything.just wait n see
He is a businessman that's hit the wall and taken a fall. He will no doubt get back up but will he crawl before he walks this time?
About 2 years ago, I was issued with a mortgagee notice on my house. I was desperate to save our family home and at any cost. I made an appointment, walked into Don Ha’s office and told him, I would be keen to be his sex slave, in return for him to help me save my house. He asked if I was good at what I was offering, my answer to that was yes. He said he was flattered with the offer, but there are two things that ruin a man. 1)Woman, and 2) Alcohol. But obviously it wasn’t me. Damn Alcohol. As for me, I left his office, and cried all the way home. Maybe this is what Karma is! i do hope this will all pass and he will learn his lesson and get back on top of his game.
everyone hates a man who does well people only know the bad things about don and dont know the good like how many charites he supports like ronald mcdonald house etc.don will be back hes not worried and all this is very small problem for him.goodluck don ill be with ya when your back on the richlist soon.your mate.D.T
The bank has responded as I have heard .It is all over and the man is back in business but a media blackout as been imposed. Great response I say.
Wrong , his father in law is walsh. I had the pleasure of meeting Don in wales they last visit . Great guy wish him all the best.
Don, You are, still are and always will be "the greatest!" Taught us so much....gave selflessly to so many.......inspired us to "dare to be different and aim for the stars!" All the best Don to you and Mohini and famly - loved being part of the Ha Team - I know you'll be back!!!
Good Luck ? Don Ha . . .keep your head up bro. . .
Good Luck ? Don Ha . . .keep your head up bro. . .
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