While the book value of PFI shares is now $3.03, the shares fell 2.5c in early trading to $2.775.
Banks are following the path of least resistance as they pile housing loans onto their balance sheets.
Wellington's biggest social housing project has kicked into gear, at a site 'reclamation' cost of $50m, aiming to bring an additional 300 houses on stream in the city fringe.
Officials considered limiting councils to rating on land value only, but the idea was ditched.
Infrastructure Editor
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articles by Oliver