Chase Corporation
Encyclopedia
Chase Corporation was a property development company in New Zealand
that flourished in the 1980s, became devalued in the 1987 New Zealand stock market collapse, and is now defunct.
continued to drop and it effectively never recovered from that point, as the New Zealand property market
collapsed. On 4 July 1989, the NZ Government appointed statutory managers to run the NZ property interests of Chase Corp. The company was formally wound up in July 1996.
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
that flourished in the 1980s, became devalued in the 1987 New Zealand stock market collapse, and is now defunct.
History
Chase Corp had a major effect on the New Zealand economy, starting out in the 1970s with small property developments, becoming an extremely large player in the New Zealand commercial property market in the 1980s. Launching itself as a publicly listed company in April 1983, Chase Corp's share price rose to a high of $10.40 by June 1987, with an estimated value of NZ$3.6 billion. Chase Corp was one of the largest companies on the New Zealand share market, and had also became multi-national, spreading into Australia, England and the United States of America. After the New Zealand sharemarket crash on 20 October 1987, Chase Corp share priceShare price
A share price is the price of a single share of a number of saleable stocks of a company. Once the stock is purchased, the owner becomes a shareholder of the company that issued the share.-Behavior of share prices:...
continued to drop and it effectively never recovered from that point, as the New Zealand property market
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
collapsed. On 4 July 1989, the NZ Government appointed statutory managers to run the NZ property interests of Chase Corp. The company was formally wound up in July 1996.