Meanwhile back in New Zealand, the Blue Chip fiasco is turning stomachs. Over 3,000 residential investors are owed +$70-million by 21 related insolvent companies.
Property investor Olly Newland says plans by the parent Blue Chip company to restructure itself and raise more money in Australia are “nauseating”.
“They’ve just cut loose all the poor people here,” Mr Newland said.
“It’s a shocking look. They’ve shown no remorse at all for what they’ve done and they are not the slightest bit interested in fixing it by the look of it … It doesn’t sit well with me,” Mr Newland said.
In a related story Blue Chip seeks money as empire crumbles, an investor comments:
Blue chip have left me with a morgage of Two Hundred and five thousand
I am 66 years old might not have a home any more very had having to pay 350 a week They told me I would never lose my home and lots of lies Cant sleep on my own and cant stop crying