{"id":20354,"date":"2019-08-01T09:31:10","date_gmt":"2019-07-31T21:31:10","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=20354"},"modified":"2019-08-01T09:31:10","modified_gmt":"2019-07-31T21:31:10","slug":"australia-developer-ralan-collapses-in-property-downturn","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australia-developer-ralan-collapses-in-property-downturn\/","title":{"rendered":"Australia developer Ralan collapses in property downturn"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong>PHOTO:\u00a0Australia developer Ralan<\/strong><\/p>\n<p>Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of <a href=\"https:\/\/www.ft.com\">FT.com<\/a> <a href=\"https:\/\/help.ft.com\/help\/legal-privacy\/terms-conditions\/\">T&amp;Cs<\/a> and <a href=\"https:\/\/help.ft.com\/help\/legal-privacy\/copyright\/copyright-policy\/\">Copyright Policy<\/a>. Email <a href=\"mailto:licensing@ft.com\">licensing@ft.com<\/a> to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be <a href=\"https:\/\/www.ft.com\/tour\">found here<\/a>.<br \/>\n<a href=\"https:\/\/www.ft.com\/content\/9b057bce-b353-11e9-8cb2-799a3a8cf37b\">https:\/\/www.ft.com\/content\/9b057bce-b353-11e9-8cb2-799a3a8cf37b<\/a><\/p>\n<p>One of Australia\u2019s largest private developers has collapsed amid a severe downturn in the property market that hit sales and pushed up funding costs in the sector. Grant Thornton Australia said on Wednesday that it had been appointed administrator to Ralan Group, which specialises in building, developing and managing residential and commercial property in Sydney and the Gold Coast. It said the group owed about A$500m ($345m) to creditors and had a pipeline of more than 3,000 apartments in the construction or pre-sales phase.\u00a0 Ralan is developing one of Australia\u2019s largest hotel and apartment projects, the A$1.4bn Ruby Collection on the Gold Coast \u2014 a fast-growing region on the country\u2019s east coast that depends to a large extent on foreign buyers.\u00a0 \u201cIn terms of the operating businesses within the [Ralan] Group, it is as far as possible, business as usual. We are working closely with key stakeholders to identify and preserve value for creditors,\u201d said Said Jahani, managing partner, Grant Thornton Australia.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.ft.com\/content\/9b057bce-b353-11e9-8cb2-799a3a8cf37b\">FINANCIAL TIMES<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; PHOTO:\u00a0Australia developer Ralan Please use the sharing tools found<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/australia-developer-ralan-collapses-in-property-downturn\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":20355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478106505,478098521,478098562,478106506,478098513,478101743,478099125,478098873,478098579,478098510,478098514,478106504,478098511,478098509,478106507,478106508],"class_list":["entry","author-data123nz","post-20354","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australia-developer","tag-australians","tag-foreign-buyers","tag-private-developer","tag-property","tag-property-correction","tag-property-crash","tag-property-investment","tag-property-market","tag-property-news","tag-propertynoise","tag-ralan-group","tag-real-estate","tag-real-estate-news","tag-residential-and-commercial-property","tag-ruby-collection"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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