Albany development always doomed to fail – liquidators

Liquidators of a company behind Auckland's troubled Albany Heights development say there is next to no chance offshore investors will get their money back.

About 80 investors, mainly from South East Asia, poured about $9 million into the intensive residential housing project as part of a complex option scheme.

A creditors meeting was held in Albany today after Albany Heights Villas was placed into voluntary liquidation on February 5.

 

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