Troubled finance company Hanover has sold part of a big property development near Queenstown.
Hanover took control of the Five Mile project when it placed Christchurch developer Dave Henderson in receivership in 2008.
Part of the project has been sold to a company owned by Auckland property developer Tony Gapes, who will not reveal the price of the investment, nor his plans for it.
Meanwhile, Guardian Trust says Hanover Finance is expected to make another 2 cent payment to investors in December if a vote on Allied Farmers' proposed offer to swap debt for shares is delayed until 2010.
It will be the fourth in a quarterly series of 2% payments announced a year ago.
Guardian Trust represents about 13,000 of the 16,500 investors in Hanover.
Investors will consider the Allied Farmers' proposal in December.
