Kensington Park Properties, which is developing a $450 million housing project at Orewa, north of Auckland, has gone into receivership.
Only about 60 of the 750 houses the company planned on the former Puriri Park camping ground have been built, The New Zealand Herald reported today.
Many people agreed to pay deposits for homes, but their exposure is limited because they agreed only to a deposit bond scheme, meaning they paid only a small amount of money.
They were to pay more once the terms of their contracts were settled.
The first report from receivers Brendon Gibson and Grant Graham at KordaMentha is due on November 23.
