One of the largest lenders to collapsed real estate development giant Bathla says its homes will be released into a market where their value will immediately be up to 15 per cent lower than thought, saying the weakening property market felt similar to the global financial crisis.
Ray White Capital is one of the private credit firms most exposed to Bathla with loans of around $242 million. In a note circulated on Tuesday, it advised its investors that they were “never promised the opportunity to redeem their investments” due to the closed-ended nature of the funds.
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This article has been updated to reflect that Ray White Capital does not have exposure to smaller sites, only Bathla’s land subdivisions and almost completed developments.
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