Propertyfinancegroup has announced it has delayed repayment to debenture investors of almost half of the promised repayment of NZ$15 million because of problems selling properties it has repossessed. "Propertyfinance Securities is working closely with a number of first mortgage borrowers and property it has purchased under defaulting security to realise these so the balance of $7.8million can be made," Propertyfinance said in a statement to the NZX. "Due to a number of understandable events, be it project or market related, it is not now anticipated that the balance will be paid until the first quarter of 2009," it said. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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