A failed New Zealand property development that attracted investors from Singapore, Malaysia, Hong Kong and Indonesia is linked, according to the New Zealand Herald, to a tax haven company and alleged money laundering.
The Albany Heights project promised 400 homes and collected more than NZ$9 million in deposits from Asian investors through property roadshows throughout the region.
The newspaper reported that businessmen Chris Cook and Paul Bublitz tried to salvage Albany Heights but the land was eventually sold for NZ$4.3 million to an Auckland company financed by Ease Treasure Ltd, registered in the tax haven of the British Virgin Islands, according to property records.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=11341308
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
