16 Apr 2015

Chch city seeks advice on asset sales

11:40 pm on 16 April 2015

Christchurch City Council is seeking independent financial advice on possible asset sales, to help pay for the city's rebuild.

In its Long Term Plan consultation document, the council proposes releasing $750 million in capital from its commercial arm, Christchurch City Holdings, (CCHL), which is the parent company of assets such as Lyttelton Port Company, Orion, and Christchurch International Airport.

The mayor, Lianne Dalziel, said the council would not make a decision until it had completed consultation on the Long Term Plan.

Ms Dalziel said asset sales were only on the table because the council faces an estimated $1.2 billion shortfall in funding.

She said the council was getting independent financial advice so it had a clear picture of its options.

Get the new RNZ app

for ad-free news and current affairs