You might remember Property Finance Securities avoided receivership a few months ago as long as it achieved a few milestones, including a recapitalization by its parent Property Finance Group.
Those plans have hit a roadblock as its bridging lender has been unable to advance a loan needed to recapitalise Propertyfinance Securities, NZPA reports.
...Now back overseas for the latest in the US recession watch.
US new home sales fell a deeper than expected 4.7% in December to 604,000.
This is a 12 year low and ended the worst sales year since records began in 1963. The median new house price dropped 10% in 2007, the biggest fall in 37 years.
Asian markets fell on worries about a US recession
However, US investors are betting the US Federal Reserve will continue to bail them. They expect the Fed to cut official interest rates a further 50 basis points after the central bank's rate setting committee meets on Tuesday and Wednesday.
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