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Angry Albany Heights investor lets rip - Exclusive

New Zealand’s reputation as a safe investment destination has been severely tarnished by the apparent loss of $12 million of offshore funds in an Auckland residential property development, a Hong Kong investor says.

Some Asian investors in the Albany Heights Villas project are venting their anger while claiming to have been ripped off by an elaborate option scheme attached to the development.

The First Right of Refusal (FRR) scheme was cooked up by bankrupt developer Rod Neilsen in Las Vegas. 

 

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