Crippled property groups Raptis and City Pacific have sold a development site for $30 million to Gold Coast developer Con Nikiforides.
Raptis, which had its shares suspended from trading on the Australian stock exchange on September 12 at 40¢, citing the company's funding and "its ability to continue normal operations", will use the proceeds to reduce debt.
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Matthew Cranston is the United States correspondent, based in Washington. He was previously the Economics correspondent and Property editor. Connect with Matthew on Twitter. Email Matthew at mcranston@afr.com
