Friday, August 1, 2008

More pain for investors in property

Where will it end?

Today's freeze of a property fund that has nearly $420 million under management, by AMP Capital New Zealand, makes one wonder how many more investors are going to be financially ruined, or at least seriously inconvenienced, by the global economic crisis.

The AMP Capital NZ Property Fund has suspended redemptions and will accept no new applications, the company announced.

The fund has about 2900 AMP retail investors.

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