Wholesale property funds said to be exploiting ‘loophole’

Fractured: Du Val's unfinished Verge Apartments in Mt Wellington. (Image: BusinessDesk)

Thu, 08 Jun 2023

Some investors are putting their life savings at risk by having a punt in the very lightly regulated 'wholesale' investment market.That’s in a market environment that allows consumer promotion of products that have no business being sold to people like retirees who rely on a regular income flow, market players say.In fact, New Zealand’s wholesale investor regime (WIR), which fell under the Securities Act 1978, specifically excluded “estate or interest in land for which a certificate of title can be issued”. ...

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