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Ralan, Steller start of developer 'washout'

Highly leveraged developers operating on thin margins could be the next casualties from the "washout" occurring in the off-the-plan apartment market following the implosions of the Ralan and Steller groups, insolvency and restructuring expert David Walter has warned.

"There may well be other developers to follow [Steller and Ralan] of different shapes and sizes," Mr Walter, a partner at law firm Baker McKenzie, told AFR Weekend.

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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne. Connect with Michael on Twitter. Email Michael at mbleby@afr.com

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    Original URL: https://www.afr.com/property/residential/ralan-steller-start-of-developer-washout-20190802-p52d7e