Tak Development is owned by the giant Japanese Takenaka Corporation.
UPDATE: The Property Crowd is offering refunds after talks with the regulator.
The number of days to sell have fallen and prices have held steady.
Some areas are holding their own.
It is part of a consortium chosen as the preferred bidder to develop a former campsite in central Queenstown.
The liquidators are eyeing a potential claim against the company directors.
Office assets shone while retail struggled.
Infratil was unable to build on its strong start to investing in purpose-built student accommodation in Australia, so has opted to sell.
Secured creditors are likely to see a shortfall of $15m.
The possibility of lower interest rates might not be enough to halt a market correction, says economist Cameron Bagrie.