Hanover forced to sell KInloch

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Finance Company news
Hanover Finance has been forced to put the Jack Nicklaus golf course and villa development at Kinloch near Taupo up for sale
Colliers is advertising it must be sold by private treaty by May 27
The golf course is built but sections and villas built around it have failed to sell
Herald says it's a mortgagee sale
Hanover enforced a sale of an apartment block in Auckland earlier this year


Hanover also has some exposure to the Jacks Point development in Queenstown, where sales have slowed in recent months

Elsewhere in Finance companies, Dominion Finance reported a lower profit and cut its dividend
Its dividend reinvestment rate has fallen to 25%, but says it can cope with this and will just call in its loans as they fall due and pay out debenture holders
Overseas US inflation appeared to ease in April, which boosted the Dow Jones
Australian wage inflation lower

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