Auckland development blowouts reminiscent of run up to GFC: KPMG's Kensington

Tue, 11 Oct 2016

By Edwin Mitson Oct. 12 (BusinessDesk) - The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. The most recent development to be cancelled is the Flo apartment project in Avondale, with buyers' 10 percent deposits refunded this week and the developer citing funding issues and construction cost...

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