"New Zealand's largest builders have declared bankruptcy and the number of debtors is increasing! "！
He worked in the fastest growing area of Auckland, New Zealand, but he couldn't afford it all. Oakland-based real estate developer Franklin announced some time ago that the company would close its operations.
The company's chairman, Gary Shuttleworth, confirmed that the company has not yet made any decisions on the next steps and that the company is not yet in liquidation.
He said that the departure of sales staff, the rise in land prices, the rise in interest rates on building materials, rising inflation, and financial difficulties have all contributed to"The perfect storm"。
Its operations are concentrated in the south of Auckland, with the new Pokino development being the largest, with hundreds of homes being built in this area alone.
Gary Shuttleworth said that a few years ago, the price of a pockeno was $200,000, but now it has risen to $55,000.
The company hasn't done anything for a year".
But he made a point out that another company, Canterbury, is still in business.
A wave of credit defaults.
New Zealand's credit default rate has hit a four-year high and is set to continue to climb.
According to the 2023 New Zealand Credit Indicators Report released by Centrix some time ago, there are more than 20,800 outstanding loan accounts, an increase of 21% from the previous year.
The mortgage default rate was 133%, 140%.
The mortgage overdue rate peaked some time ago in March 2020, hit by the global pandemic, at 149%。
Mortgage defaults have been declining since May last year, from May last year to September 132 percent, 1 percent to July25 to 1.6 percent.
Every summer, the rate of delinquent loans increases.
Keithmclaughlin, executive director of Centrix, said, "As a lot of loans are adjusted to higher interest rates, this will lead to more liquidity difficulties," said Keithmclaughlin, executive director of Centrix.
In the third quarter of last year, 81 forced auctions were held in New Zealand, the highest since the fourth quarter of 2017. However, this is still far below the 767 auctions in the third quarter of 2009.