Property Developer, The Ralan Group, Collapses (Investors Stand to Lose Millions)
Channel: Daily Insight
Date: 2019-09-19

During the 2013 housing boom, thousands of Chinese-Australian property investors were buying up apartments straight off the plan developed by one of Australia’s largest property developers, the Ralan Group. The Group was building apartment high-rises both in Sydney and the Gold Coast with units selling out before they had even been built. But now it’s all over. The Ralan Group went into administration in July this year with $500 million in debt and five unfinished projects. The Group was founded by William O'Dwyer who is the company’s sole director. He has declined any interview requests, but when approached in person by the ABC, he said, “Obviously, events like this where we’ve got TV shows and the media, do not assist in any way in coming up with a solution for the investors which is my absolute paramount priority…  I’m not going to answer any questions”. People might be tempted to blame Australia’s housing downturn on the collapse of the Ralan Group, but it turns out that there were several internal factors at play.

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#housingmarket #propertyinvestment #propertydevelopment