One of Sydney’s largest property developers, Ralan Group, has entered into voluntary administration, leaving billions of dollars worth of apartment projects in doubt and around $500 million owing to creditors. Administrators Grant Thornton said they would undertake an “urgent financial assessment” into Ralan Group and its 57 subsidiary companies, which are also in administration.
This come hot on the heels of the latest statistics from ABS showing building approvals have nosedived 25.6 per cent since the same time last year. Residential building approvals are also down by more than a quarter on last year’s high levels.