Fiji: Not such a paradise for investors
A flagship development on the paradise island of Fiji has turned out not to be such a paradise for some unlucky foreign property investors. Over 140 investors from a range of countries are thought to be owed millions by the Fiji Beach Resort & Spa.
Investors bought villas on the premise of guaranteed rent. Unfortunately, the Fiji Beach Resort & Spa started to have financial difficulties and the rent has not been paid for many months.
Although the resort continues to operate, receivers KordaMentha have been brought in to assess the situation. Their initial calculations show that investors are owed around FJ$2.1 million ($1.5 million).
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