Bust Rolle­ston sub­di­vi­sion on track again

Selwyn and Ashburton Outlook - - OUT & ABOUT - CHRIS HUTCHING

Liq­uida­tors have sold a res­i­den­tial sub­di­vi­sion prop­erty at Rolle­ston for $14.5 mil­lion.

Sean Rota, owner of the failed FCL Hold­ings, com­mis­sioned public re­la­tions spokes­woman Michelle Boag to is­sue a me­dia re­lease say­ing: ‘‘Rota had placed the com­pany into vol­un­tary liq­ui­da­tion to en­force the con­tracts for sale and pur­chase with the ven­dors.

‘‘The ap­point­ment of Water­stone as liq­uida­tor had en­abled a com­pro­mise to be ne­go­ti­ated with set­tle­ment of the $13m pur­chase now achieved.’’

The Water­stone liq­uida­tors said they dealt with the mat­ter in the usual way by seek­ing ex­pres­sions of in­ter­est for the sale of the ru­ral block at 614 Sel­wyn Rd – achiev­ing a higher price than the $13m owed to the main cred­i­tor when penalty in­ter­est was in­cluded.

The new owner of the po­ten­tial 900-sec­tion block is Long Vi­sion Prop­erty De­vel­op­ment, whose ul­ti­mate owner is Keen Power In­ter­na­tional based in Hong Kong.

The di­rec­tors of Long Vi­sion are Wil­liam Guo, based in Auck­land, and Yue­hua Tan from Guangzhou, China.

Guo is also di­rec­tor of Avanda Group, which has sev­eral prop­erty devel­op­ments in Auck­land un­der way, in­clud­ing some des­ig­nated as spe­cial hous­ing ar­eas un­der gov­ern­ment cri­te­ria re­quir­ing a per­cent­age of houses to be so-called af­ford­able homes.

The Rolle­ston block is also des­ig­nated a spe­cial hous­ing area.

Boag said the de­posits of home buy­ers were held in a lawyer’s trust ac­count.

‘‘Their money is still safe and they will hear from the new own­ers. No-one has lost any money,’’ she said.

An aerial view of Rolle­ston.

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