Property prices and sales slumped in December, with soft prices predicted to continue this year. Economist Chris Tennent-Brown said it would remain titled in favour of buyers.

Property values continued to fall during December, but the rate of decline has slowed, indicating that values are beginning to stabilise.

A rogue exec working for a Chinese company part owned by the Millennium & Copthorne Hotels has escaped prosecution for unauthorised property sales which appear likely to leave the NZX-listed hotelier out of pocket.

Metropolis developer Andrew Krukziener has been bankrupted after surrendering to Inland Revenue's $6 million application.

One of New Zealand's top hotels, the Westin has been stripped of its Qualmark licence as a bitter battle between unit owners and the receiver of the hotel's management company continues.

Failed property developer May Wang's attempt to avoid bankruptcy in the Auckland High Court has been rejected after the IRD objected to a creditor repayment plan.

NZ property values are beginning to stabilise, but are still 5.6 per cent below the market peak in 2007.

There was 7.3pc increase in house listings last month, but a big glut of unsold real estate is still weighing heavily on the market.

Hanover Finance has called in the lawyers to pursue Allied Farmers over allegedly attempting to "evade various contractual obligations to Hanover."