Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Questionable Dealings Highlighted By Report

MEDIACOM-RELEASE-AMPAM

QUESTIONABLE DEALINGS HIGHLIGHTED BY REPORT

New Zealand's largest property investment company, AMP Asset Management (AMPAM), today welcomed the findings of the Securities Commission report on property syndicates that was released late last week.

"There are many reputable property syndicators in the marketplace, but there are also a number of less reputable companies whose dealings have impacted on the credibility of the entire property investment sector," said AMPAM's acting head of property, Anthony Beverley.

"The Securities Commission report highlighted the fact that some property syndicators fudge their rates of return, use inconsistent and unclear language, and market the syndicates as being similar to fixed interest investments."

The report also found that some promoters did not clearly state all the qualifications relating to rates of return, which could confuse people as to what income to expect.

"Overall, we feel there is a lack of understanding by retail investors of the nature of property syndicates, their limited liquidity and the way they generate income. This belief is backed up the feedback we get from our retail clients as well as the findings of this report."

"We are particularly pleased to note that the Securities Commission report concludes with a promise to be more active in drawing attention to unclear offer documents and taking action in appropriate cases."

"At the end of the day actions will carry the most weight."

AMP Asset Management is New Zealand's largest property investment company managing a total property portfolio of almost $1.5 billion. It was also the recipient of the IPAC 1999/2000 fund manager of the year award.

Ends.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news