The company with the majority shareholding in the proposed Dunedin Hilton development has gone into liquidation, leaving investors concerned about the viability of the $85 million project.
Four companies of Auckland-based property developer Dan McEwan were liquidated in the High Court at Auckland on Friday, including Ro-Ro Investments Ltd, the majority shareholder behind the Dunedin Hilton.
Ro-Ro Investments has 362 of the 500 shares available in the project.
The remainder of the shares are owned by smaller investors throughout the country.
Several Dunedin-based investors yesterday said while they had not heard of the liquidation, they were concerned the project would struggle to go ahead.
"We haven't heard anything for a while. I guess this is why," said one Dunedin investor.
Dan McEwan declined to comment last night.
Last week, he said the liquidations were old trading companies being wound up.
