PHOTO: LPhoto: Supplied
Former Prime Minister Sir John Key and his son Max are joining up with property developers and one-time brothel owners, John and Michael Chow.
The Keys, through their property development firm MTK Capital, are partnering the Chow’s Stonewood Group to form StonewoodKey Capital.
The company has $20 million already pledged and has a target of $100 million over the next 18 months to buy land for housing developments.
“This business is about helping raise funds to buy more land and keep pace with the demand for new homes across New Zealand, while also providing an investment opportunity for those interested in residential real estate,” Stonewood Homes co-director John Chow said.
He said the new company wanted to fund 500 homes a year, with three projects already underway in Auckland.
Chow said partnering with the Keys gave Stonewood a new dimension.