The Commerce Commission has filed High Court charges against Auckland property mentoring company Ronovation Ltd (trading as Ronovationz) alleging price fixing.
According to the Commission, Ronovation was set up in 2009 and conducted business advising members on how to acquire and improve investment properties in Auckland. By March 2018 it had more than 400 paid members.
The Commission alleges that in September 2011 Ronovation developed rules to govern the conduct of members, including rules that prevented members from competing for properties, which the Commission says amounted to cartel conduct and breached the Commerce Act.
Ronovation and the Commission have entered into a settlement to resolve the proceedings, but a settlement hearing is yet to be finalised.
According to the Companies Office, Ronovation Ltd is owned by Ronald Ng Hoy Fong, known as Ron Fong, and Yoleen Hoy Fong, both of Mt Roskill in Auckland, with Ron Hoy Fong listed as the company's sole director.
The Renovationz website promotes free, one day seminars hosted by Ron Fong, with titles such as "The Window of Opportunity is now!" and "How to be bold and buy into Auckland's future now."
The website says that when members join Renovationz, they will be partnered with an experienced and successful property investor and will receive guidance and advice throughout their property journey."
A spokesperson for Ronovationz Ltd said they had "no comment to make at the moment."
The comment stream on this story is now closed.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter" and enter your email address.
19 Comments
Oh no not Ron, he makes furniture in his workshop for underpriveledged children! It must the students who have gone astray
Look, these house prices won't go up all by themselves.
Seems like this cartel behaviour would be helping to suppress prices?
Houseworks, see, I told you so. Those seminars you attend with REA-TTP are dodgy as!
Sorry to disappoint I haven't yet been to one of Ron's seminars except one that he hosted. Frankly ret pop Ron could help you but I think by now you are too negative and beyond help.
lol!
This is the sort of despicable attitude we have now in NZ.
https://www.stuff.co.nz/business/114074799/super-investor-accused-of-en…
Ron took the rap for promoting the property Ds. It's funny (weird) that just yesterday I read this One Roof article which said the same thing hahaa. And the article has now been deleted off herald hahaa
How to negotiate an asking price like a pro, All things property, under OneRoof
https://m.oneroof.co.nz/news/how-to-negotiate-an-asking-price-like-a-pr…
Now the CC will be onto oneroof - or not
Ron does seem genuine and helpful to people not just his students
I've seen people do quite well following Ron's ideas.... including there's money in mess... just get in there with elbow grease and a jumbo bin and tidy the place up
anyway before Ron there always were
Developers
Divorces
Downsizers
DeBanks
Drongos
Departues (dead and alive)
Desperates
Deadlines
DGM's (I just added that for fun)
and I'm sure plenty more i missed out
Agents advertise going below CV. vendor says ignore all previous asking prices, deceased estate, developers loss your gain. change in circumstances dictate sale etc...
Yep. nothing to see here.... BAU
President of Property
It pays to be nice, at 19k per student who were 90 percent Asian. How come you could never see (on his dvds) our native brown nzers attending his seminars? Ron helped a lot of people get a good start on the ladder.
Some maths of the "property mentor" business:
1) 400 students, at $19,000 per head = $7,600,000 in revenue. I know he increased his prices and at one time they were $25,000.
2) cost structure would be very lean - would have to pay for marketing, and his tutors.
With those types of economics, that makes it attractive for some of his former students to become property mentors.
I recall another similar property teaching scheme, very popular one charging $10k per student, also advocating this same approach and saying they partook in it.
= 400 about to be shirtless.
He copied that concept from Rich Mastery...
dp
Personally don’t like what Ron was telling His disciples to do.
Not too sure how it works, as putting down false names as a buyer would involve a false signature as well and that clearly is fraud!
There are enough good ways of buying property at under true value and improve them, without being fraudulent.
Different strokes for different folks I suppose.
“The Man” operates ethically and correctly!
what about "The Man 2" ?
What astounds me is that folks like these will get away with a slap on the wrist in. What the CC and courts don’t seem to get is that if they are delt with VERY HARD and VERY FAST more people will think twice before acting like he did.
The slap with a wet bus ticket will merely enforce Ronnie’s disrespect for the rules we live by here in NZ.
I hope this slimy crook spends some time in prison.
We welcome your comments below. If you are not already registered, please register to comment.
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.