Poisonous real estate deals brought down South Canterbury Finance. Just like the failed Bridgecorp, Strategic Finance, St Laurence and Hanover, the venom of property's fast-declining fortunes caught SCF offguard and delivered the killer blow.
Bad real estate loans are largely responsible for destroying $6 billion of investors' wealth in the other property financiers - at least until yesterday when South Canterbury lifted the tally to nearly $8 billion.
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