Hundreds of property investors are waiting nervously for more information on the fate of their investments following the collapse of 19 property investment companies associated with the Blue Chip property investment franchise.

The liquidator in New Zealand, Jeff Meltzer says he's had about 60 or 70 calls over the past two days from people saying they are owed about $3,000 to $4,000 of unpaid rent.

Meltzer says it will take some time to sort through the accounts and he tries to recover money for the 2,000 New Zealanders who're out of pocket.
 
Some investors are owed rent on properties while others have money in buildings that have not been built yet.

Kapiti financial advisor Chris Lee says for many investors the company was managing properties and collecting rents and the news for them might not be too bad. He says it's very likely they'll still own their property, but they will lose the rental guarantee that Blue Chip gave them.

He says those who have paid deposits on investment properties and are waiting for the homes to be built could be the biggest losers.

Source:One News