V L Srinivasan
Manama (Bahrain), April 10:
The Sydney-based real estate developer Johnson Property Group (JPG) has decided to place his company into the hands of administrators in an attempt to restructure the business, which is struggling with a $100 million debt load.
The fate of nearly 10,000 new homes between Sydney and Newcastle hangs in
balance following the voluntary liquidation of JPG, which is said to be one of the Australia's largest private property developers.
JPG has approached Bahrain-based Western Gulf Advisory (WGA) founder and Chairman Ahsan Ali Syed seeking a loan of US$100 million to fund its projects.
However, WGA decided against granting loan to the company after an independent private agency conducted due diligence on JPG and submitted its report stating that it was not advisable to invest.
“It is very risky for WGA to park its funds in the Australian-based JPG,” a copy of the report, which was made available to DT, said.
According to reports published in the Australian Financial Review, The Telegraph and New Castle Herald published from Australia, JPG has secured the support of lenders including Westpac, National Australia Bank and Gresham to place the group in the hands of administrators from Sydney accounting firm deVriesTayeh.
The reports also said that JPG’s plan was to try and restructure the business with a refinancing deal. JPG’s current projects include a $200 million development at Lake Macquarie, a development at Cooranbong near the Hunter Valley and the giant Pitt Town housing development in the Hawkesbury Valley, which has been the subject of bitter protests from residents in New South Wales.
Manama (Bahrain), April 10:
The Sydney-based real estate developer Johnson Property Group (JPG) has decided to place his company into the hands of administrators in an attempt to restructure the business, which is struggling with a $100 million debt load.
The fate of nearly 10,000 new homes between Sydney and Newcastle hangs in
balance following the voluntary liquidation of JPG, which is said to be one of the Australia's largest private property developers.
JPG has approached Bahrain-based Western Gulf Advisory (WGA) founder and Chairman Ahsan Ali Syed seeking a loan of US$100 million to fund its projects.
However, WGA decided against granting loan to the company after an independent private agency conducted due diligence on JPG and submitted its report stating that it was not advisable to invest.
“It is very risky for WGA to park its funds in the Australian-based JPG,” a copy of the report, which was made available to DT, said.
According to reports published in the Australian Financial Review, The Telegraph and New Castle Herald published from Australia, JPG has secured the support of lenders including Westpac, National Australia Bank and Gresham to place the group in the hands of administrators from Sydney accounting firm deVriesTayeh.
The reports also said that JPG’s plan was to try and restructure the business with a refinancing deal. JPG’s current projects include a $200 million development at Lake Macquarie, a development at Cooranbong near the Hunter Valley and the giant Pitt Town housing development in the Hawkesbury Valley, which has been the subject of bitter protests from residents in New South Wales.
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