Chase Corporation
Chase Corporation was a New Zealand property development and investment company that grew rapidly during the 1980s before collapsing after the 1987 share-market crash and the subsequent property-market downturn.
Last updated August 25, 2026
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Overview
Chase Corporation, commonly known as Chase Corp, was a New Zealand property development and investment company whose rise and collapse became closely associated with the country's highly leveraged commercial-property and corporate-investment boom of the 1980s. It began in the 1970s with relatively small property developments and expanded into a major participant in New Zealand's commercial property market. During the early 1980s, the company also operated as a corporate raider, pursuing companies whose shares it considered undervalued. These acquisitions could be followed by asset sales, restructuring, or other measures intended to realize value from the target's holdings. The company became publicly listed in April 1983. Its rapid expansion and exposure to property and corporate assets attracted substantial investor interest, and its share price rose sharply during the mid-1980s. By June 1987, the shares had reached NZ$10.40 and the company was estimated to be worth approximately NZ$3.6 billion. At the end of 1986, Chase was regarded as one of the three largest listed companies on the New Zealand share market, alongside Brierley Investments and Fletcher Challenge. Its activities were not confined to New Zealand: the company also invested in Australia, England, and the United States. This growth depended heavily on confidence in asset values, access to capital, and the continued strength of commercial property markets. Those conditions changed after the New Zealand share-market crash on 20 October 1987. Chase Corporation's share price continued to decline after the crash and did not meaningfully recover. The company was also affected by the collapse of the New Zealand property market, which reduced the value and liquidity of the assets underpinning its expansion. The downturn exposed the risks of its broad investment strategy and high level of market dependence. On 4 July 1989, the New Zealand Government appointed statutory managers to oversee Chase Corporation's New Zealand property interests. This intervention marked the effective failure of the company's operating and financial structure. Chase Corporation was formally wound up in July 1996. Its history is therefore best understood not as that of a continuing consumer brand, but as a significant case in New Zealand corporate and property-market history: a small developer that became a large listed investment enterprise, participated in the era's acquisition and asset-restructuring activity, and ultimately collapsed when financial-market and property-market conditions reversed.
History
Chase Corporation emerged in New Zealand during the 1970s through small-scale property development. Over the following decade it expanded substantially, becoming a prominent participant in the country's commercial-property market. Its growth reflected the broader enthusiasm for property, financial assets, and corporate expansion that characterized New Zealand's business environment during the 1980s. In the early part of that decade, Chase also pursued a corporate-raider strategy. It targeted companies whose shares appeared undervalued and sought to extract or improve value through acquisitions, asset sales, and restructuring. This approach extended Chase beyond conventional property development and made it an investment enterprise with interests in a wider range of corporate assets. The company became publicly listed in April 1983. Its market profile increased rapidly, and by June 1987 its share price had reached NZ$10.40. Its estimated value at that point was approximately NZ$3.6 billion. At the end of 1986, Chase was considered one of New Zealand's three largest listed companies, together with Brierley Investments and Fletcher Challenge. It also developed or acquired investments outside New Zealand, including in Australia, England, and the United States. The company's expansion was vulnerable to a reversal in market sentiment. The New Zealand share market crashed on 20 October 1987, after which Chase's share price continued to decline. The deterioration was compounded by the collapse of the New Zealand property market. As property values and market liquidity weakened, the asset-centered model that had supported Chase's rapid growth became increasingly difficult to sustain. The company effectively failed to recover from the post-crash decline. On 4 July 1989, the New Zealand Government appointed statutory managers to control the company's New Zealand property interests. The appointment represented a major loss of operational control and demonstrated the severity of Chase's financial difficulties. The company remained in the process of unwinding its affairs for several years and was formally wound up in July 1996. Chase Corporation's historical importance lies in the scale and speed of its rise, its role in acquisition-driven corporate activity, and the extent to which its collapse illustrated the exposure of property and investment companies to market cycles. The available reference material identifies senior figures including chairman Colin Reynolds and directors Peter Francis, Adrian Burr, John Clarke, and Seph Glew. In April 1985, Reynolds and Glew appeared together on the cover of Metro magazine, reflecting the company's public prominence before the market reversal.
- 1996
Formal winding-up
[1]Chase Corporation was formally wound up in July 1996.
- 1989
Statutory management
[1]On 4 July 1989, the New Zealand Government appointed statutory managers to run Chase's New Zealand property interests.
- 1987
Peak share price and estimated value
[1]In June 1987, Chase's share price reached NZ$10.40 and its estimated value was approximately NZ$3.6 billion.
- 1987
Share-market crash
[1]The New Zealand share market crashed on 20 October 1987. Chase's share price continued to fall afterward as the property market weakened.
- 1986
Among New Zealand's largest listed companies
[1]At the end of 1986, Chase Corporation was regarded as one of the three largest listed companies on New Zealand's share market.
- 1985
Public visibility increased
[1]Chairman Colin Reynolds and director Seph Glew appeared on the cover of Metro magazine in April 1985, when Chase was prominent in New Zealand business culture.
- 1983
Public listing
[1]Chase Corporation became publicly listed in April 1983, supporting its expansion as a property and investment company.
- 1970
Chase began with small property developments
[1]During the 1970s, Chase Corporation established itself through small property-development projects in New Zealand.
Products and positioning
A large, publicly listed New Zealand property and investment company during the 1980s, positioned around commercial-property development, asset ownership, and acquisition-led corporate growth.
Real estate
Commercial property development
Commercial property development was the company's core operating activity. Chase began with small New Zealand developments in the 1970s and grew into a major commercial-property participant during the 1980s. The company's later difficulties were closely connected to the decline in New Zealand property values and liquidity after the 1987 market crash.
Real estate investment
Property investment portfolio
Chase accumulated and managed property interests in New Zealand and made related investments overseas. Its property portfolio formed an important part of the asset base that supported the company's expansion, but became difficult to realize when the property market contracted.
Corporate investment
Corporate acquisition and restructuring activities
During the early 1980s, Chase acted as a corporate raider by acquiring companies it considered undervalued. It sought to create value through restructuring and, in some cases, asset stripping. This activity broadened the company beyond property development and contributed to its reputation as an aggressive investment group.
Brand decisions
1989
Government statutory managementOtherBackground
Chase's share price had continued to decline after the 1987 crash, while the New Zealand property market had also collapsed.
Action taken
The New Zealand Government appointed statutory managers on 4 July 1989 to run the company's New Zealand property interests.
Aftermath
The appointment marked the effective loss of the company's control over its domestic property operations. Chase was eventually wound up in 1996.
1983
Use of a public listing to support expansionStrategyBackground
After developing from a small property business into a broader investment enterprise, Chase Corporation entered the public market in April 1983.
Action taken
The company launched itself as a publicly listed company, enabling its property and acquisition-led strategy to operate at substantially greater scale.
Aftermath
Chase grew rapidly and became one of New Zealand's largest listed companies before the 1987 market collapse reversed its fortunes.
Recent events
- 1996
Chase Corporation was formally wound up[1]
Bankruptcy
Chase Corporation completed its formal winding-up in July 1996, ending the company's corporate existence.
- 1989
Statutory managers appointed to Chase Corporation's New Zealand property interests[1]
Regulation · Bankruptcy
The New Zealand Government appointed statutory managers on 4 July 1989 to administer the company's New Zealand property interests.
- 1987
Chase Corporation reached a peak valuation during the 1980s boom[1]
Other · Pricing
By June 1987, Chase Corporation's share price had reached NZ$10.40 and its estimated value was about NZ$3.6 billion, placing it among the largest companies on New Zealand's share market.
- 1987
New Zealand share-market crash undermined Chase Corporation[1]
Other · Pricing
Following the New Zealand share-market crash on 20 October 1987, Chase Corporation's share price continued to fall as the country's property market also deteriorated.
- 1983
Chase Corporation became a publicly listed company[1]
Other
Chase Corporation launched itself as a publicly listed company in April 1983, providing a public-market platform for its property and acquisition-led expansion.
Sources2 sources
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