Three Auckland housing companies owned by Lining Wan in liquidation owing about $18m
Three Auckland-based residential construction companies owned by David Wang have entered liquidation. The firms owe approximately $18 million to creditors, including $6 million to the Inland Revenue Department.
Why it matters
The collapse of these companies highlights ongoing instability in the New Zealand property market and the impact of economic downturns on construction firms.
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Residential construction companies owned by David Wang have entered liquidation, owing more than $5 million to the Inland Revenue Department.
Three Auckland residential construction companies have been placed in liquidation, leaving more than 160 creditors chasing debts totalling at least $18 million, including nearly $6m claimed by Inland Revenue.
The three companies, Diamond Homes, Diamond Construction and D&L Developments, were owned and operated by sole shareholder and director Lining (David) Wang.
The companies were placed into liquidation after a special resolution of the shareholder on July 28, with McDonald Vague’s Daniel Zhang and Keaton Pronk appointed.
Zhang and Pronk said they were advised by Wang that several factors contributed to the companies’ failure, including a difficult economic environment, a property market downturn, projects not achieving their intended financial targets and falling behind on tax obligations.
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