Brisbane One development company in liquidation paperwork mire

Brisbane One development company in liquidation paperwork mire
Brisbane One development company in liquidation paperwork mire

The Chinese backed Brisbane residential developer, R&F Mega Property says is is not insolvent and there would be no interruption to their flagship development, Brisbane One.

According to its last update, an interim report to the Hong Kong exchange on August 31, contracted sales at the $400m Brisbane One reached 353.1 million yuan ($67m).

But liquidators have been appointed to an Australian arm of multi-billion-dollar Chinese developer R&F Properties.

An order to wind up R&F Mega Property, an Australian subsidiary of the Hong Kong-listed and Guangzhou-based R&F Properties, was issued in the Victorian Supreme Court on February 1, The Australian has revealed.

Associate Justice John Efthim ordered R&F Mega Property be wound up in insolvency and appointed Deloitte partner Robert Woods as liquidator.

It appears R&F Mega Property did not attend with its deputy general manager Amy Zhang confirming in a statement that they did not receive the application to wind up the company.

“It is alleged that R&F Mega Property was served documents by representatives of a creditor,” she said.

“However, R&F Mega Property has no records of having received those documents and accordingly did not respond to the application.

“R&F Mega Property immediately started to communicate with the liquidator to proactively resolve this matter.

“An application will shortly be submitted to the court to terminate the liquidation.”

R&F Properties, with a market capitalisation of $5.7bn, has six subsidiaries in Australia.

R&F Mega Realty owns a 3300sq m site in Brisbane’s Kangaroo Point where a development application for an Elenberg Fraser-designed tower has approval.

R&F Mega Estate also owns a site on the southern flank of the Brisbane River now the subject of a dispute in Queensland’s Planning and Environment Court.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Property Development Brisbane One

Comments

Be the first one to comment on this article
What would you like to say about this project?