Wealthy developer forces subbies to take huge haircut

Interests associated with Aaron Ghee own a $11m site in Herne Bay. (Image: Supplied)

Tue, 30 Jul 2024

Interests associated with Auckland property developer Aaron Ghee are building a luxury Herne Bay residence, as out-of-pocket tradies are forced to accept an 85% discount on other Ghee developments.Ghee is the sole director and ultimate owner of Sanctum Projects, a builder of townhouses and apartments in the city’s eastern suburbs.In June, it asked 92 unsecured creditors owed $3.5 million to accept 15 cents in the dollar or let the company go bust and get nothing.At a meeting on June 21, just over half of creditors voted on the proposal, w...

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