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Government may make profit on red zoned properties

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Government may make profit on red zoned properties

By: Newstalk ZB Staff | Latest Christchurch News | Tuesday August 7 2012 12:53

 

The Government may make a profit on the revaluation of Christchurch's red zoned properties, but may also make a loss.

Residents are outraged that 1800 properties, that were purchased at the 2007 rateable value price, are being revalued for insurance negotiations.

People claim the government is doing it to make a profit, but it insists it is just keeping insurance companies accountable.

Earthquake Minister Gerry Brownlee says if there is a profit, it will be minimal.

"The sort of figures that might be on the upside are absolute rats and mice in the whole scheme of things. There's no attempt here to try and profit here on what has been a very miserable time for people."

 

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