Developer Jeff Gao: How a Double Grammar mansion and Rolls-Royce way of life crashed in months

Online lender Rhino Solutions was among the many newer financiers to advance Gao funds and is the one who appointed receivers to unload his Remuera residence.

Rhino, like most lenders trying to recoup funds, has used these near-identical phrases within the public information, stating that if essential to recuperate its money owed, it might take motion in opposition to the developer’s “present and after-acquired personal property, land and all other property”.

An skilled developer, Gao mentioned he’d been battered by the property market downturn however hoped to bounce again.

“I have been involved in property investment and development in New Zealand for many years, employing numerous local staff and contractors along the way and making a positive contribution to the New Zealand economy,” he mentioned.

“Like many others in the industry, I am currently navigating the challenges arising from the downturn in the property market. My focus remains on responsibly managing through this cycle while positioning for the next phase of market recovery.”

The sell-off opens a window right into a world of non-bank financiers, the place loans typically include increased rates of interest.

Property information present Gao had spent greater than a decade constructing and buying and selling property throughout Auckland via 13 corporations – concerned in dozens of properties, sections and developments, from Massey to the North Shore.

For years the banks backed him: property information present BNZ, ANZ and Westpac all lent in opposition to properties he or his corporations owned.

However, the identical information present a shift from round 2024.

The banks started to get replaced by second-tier financiers – and among the refinancing on properties befell in fast succession, with mortgages swapped between lenders inside weeks.

A subdivision in Karaka, South Auckland, left the next in land information.

When Gao’s firm Pinecrest NZ purchased tons within the subdivision in April 2025, it financed the acquisition via a non-bank lender.

The information present the mortgages then churned, with a brand new financier each few months, till the tons handed out of Gao’s firm solely this yr.

Some of these properties, on Karaka’s Tebaga Gap Rd, are on sale now – however with the proceeds because of go to an organization that isn’t managed by Gao.

Lenders registered a complete of 20 claims over all the things Gao owned, whereas one other held safety over his agency’s Rolls-Royce, giving them the appropriate to power his property to sale if wanted to recuperate their money owed.

Records solely present when a safety is registered, not launched when a debt is paid again, that means not all 20 claims would have been lively on the similar time.

Then, early this yr, a number of lenders made a seize on his property.

On at some point – February 2 – two separate lenders lodged caveats over six of Gao’s properties directly, indicating they claimed a monetary curiosity in them.

Weeks later, one other financier moved on three Massey growth websites {that a} Gao-controlled firm had assembled on neighbouring properties.

Those three websites, at 418, 420 and 422 Don Buck Rd, are all zoned for enterprise and at the moment are being offered as two separate mortgagee gross sales.

Then a separate Don Buck Rd residence Gao owns personally hit the market this month – a three-bedroom home being offered by receivers, the place affords to purchase closed on July 8. Listing agent Harcourts has not revealed whether or not it offered.

Ultimately, it was Rhino Solutions that moved on his Remuera residence so it could possibly be pushed to public sale, property information present.

Rhino Solutions advertises on-line that it lends loans of as much as $20,000 – charging charges between 21.9% and 29.2%, and default curiosity at 47.45%.

The Herald understands it lent greater than that to Gao and it’s listed because the second mortgage lender on his Remuera home, land information present.

Gao didn’t reply to questions on how a lot he or his corporations owe.

But with Gao’s Remuera residence going to public sale on July 22, Adam Botterill from Waterstone Insolvency, the receivers appointed by Rhino Solutions, is hopeful collectors can get money again.

“Fingers crossed we get a good result at the auction and manage to get as much back to pay people what they are owed,” he mentioned.

SEE 17B WARRINGTON RD’s ONEROOF FOR SALE LISTING HERE.

SEE 418 DON BUCK RD’s ONEROOF FOR SALE LISTING HERE.

SEE 420-422 DON BUCK RD’s ONEROOF FOR SALE LISTING HERE.

SEE 424 DON BUCK RD’s ONEROOF FOR SALE LISTING HERE.

SEE 15 TEBAGA GAP RD’s ONEROOF FOR SALE LISTING HERE.