PHOTO: KEVIN STENT/FAIRFAX NZ The Commerce Commission didn’t like that Ronovationz clients agreed not to compete with each other for houses.
The Commerce Commission has filed High Court proceedings against “super investor” Ron Hoy Fong’s company Ronovation, for alleged price fixing in Auckland’s residential real estate market.
Ronovation, trading as Ronovationz, was set up in April 2009 and conducted business advising members on how to acquire and improve investment properties in Auckland. By March 2018, Ronovation had more than 400 paid members.
The commission alleges that Ronovation developed rules in September 2011 to govern the conduct of members, including rules that prevented Ronovation members from competing with each other for properties.
The commission alleges the rules, which applied between September 2011 and September 2018, amounted to cartel conduct in breach of section 30 of the Commerce Act.
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