Property

Will Ha have the last laugh?

Real Estate tycoon Don Ha has promised "business as usual" despite his Ray White franchise Don Ha Real Estate being taken over by receivers Grant Thornton.

Tuesday, March 22nd 2011

According to Ray White New Zealand CEO Carey Smith Grant Thornton, "now controls every aspect of Don Ha Real Estate."

Ha, whose fortune was estimated at $60 million in 2007 by National Business Review, said in a statement on his website, "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 weren't what they should have been."

He said the bank that put his company into receivership did not have a full understanding of his position and that receivership could have been avoided if communication had taken place before.

He said he remained confident "the situation will be cleared up" and that he would work with receivers.

Ha said agents were being paid, vendors continue to list properties and that it was "business as usual."

"I am extremely positive about the future of Don Ha Real Estate and anyone who knows me will feel the same."

Smith said Grant Thornton had initially requested Ray White's support in the receivership process, but later the company had decided to remove itself.

Smith originally said Ray White would play a role on the day-to-day running of Don Ha Real Estate with the intention of putting the business in a position where the assets and goodwill could be sold to a third party.

"Our original intention was to assist in the receivership process," Smith said.

"However, more information has since come to light, and we are now of the opinion that our involvement would not be advisable."

 

 

Heartland Bank - Online 1.85
HSBC Premier 2.19
HSBC Special 2.25
Kainga Ora - First Home Buyer Special 2.25
ICBC 2.35
SBS Bank Special 2.49
TSB Special 2.55
ANZ Special 2.60
China Construction Bank Special 2.65
The Co-operative Bank - First Home Special 2.65
The Co-operative Bank - Owner Occ 2.85
Heartland Bank - Online 2.35
HSBC Premier 2.45
China Construction Bank Special 2.65
ICBC 2.75
Resimac 2.79
SBS Bank Special 2.89
TSB Special 2.95
Select Home Loans 2.99
Bluestone 2.99
ANZ Special 2.99
Kiwibank Special 3.15
China Construction Bank Special 2.99
HSBC Premier 3.19
Select Home Loans 3.54
Bluestone 3.54
Resimac 3.54
ICBC 3.75
SBS Bank Special 3.79
TSB Special 3.99
BNZ - Classic 3.99
Kiwibank Special 4.19
Kainga Ora 4.22
ANZ Blueprint to Build 1.68
ASB Back My Build 1.79
Heartland Bank - Online 2.25
Resimac 3.39
Bluestone 3.49
Select Home Loans 3.49
ICBC 3.69
Kiwibank Special 3.75
Kiwibank 3.75
Kiwibank - Offset 3.75
The Co-operative Bank - Owner Occ 4.40

More Stories

Rent levels countrywide

Friday, September 24th 2021

Rent levels countrywide

Median rent levels around the country have been examined in the latest Regional Property Insights report by independent economist Tony Alexander and First Mortgage Trust.

Investors continue to shy away from buying more property

Thursday, September 23rd 2021

Investors continue to shy away from buying more property

A net 56% of mortgage advisers are seeing fewer investors stepping forward for mortgage advice, data from the First Mortgage Trust and Tony Alexander September survey shows.

Rents remain at all-time highs

Friday, September 17th 2021

Rents remain at all-time highs

Nationally rents remained at an all-time weekly high of $550 in August despite the country entering a nationwide lockdown.

What office staff expect in a workplace

Friday, September 17th 2021

What office staff expect in a workplace

The office is no longer a place to be anchored at a desk whilst trying to block out the background buzz to meet deadlines.