Liquidators have sold a residential subdivision property at Rolleston near Christchurch for $14.5 million.

Sean Rota, owner of the failed FCL Holdings, commissioned public relations spokeswoman and former National Party president Michelle Boag to issue a media release saying: "Rota had placed the company into voluntary liquidation to enforce the contracts for sale and purchase with the vendors.

"The appointment of Waterstone as liquidator had enabled a compromise to be negotiated with settlement of the $13m purchase now achieved," Boag said.

The Waterstone liquidators said they dealt with the matter in the usual way by seeking expressions of interest for the sale of the rural block at 614 Selwyn Rd – achieving a higher price than the $13m owed to the main creditor when penalty interest was included.

The new owner of the potential 900-section block is Long Vision Property Development, whose ultimate owner is Keen Power International based in Hong Kong.

The directors of Long Vision are William Guo, based in Auckland, and Yuehua Tan from Guangzhou, China.

Guo is also director of Avanda Group, which has several property developments in Auckland under way, including some designated as special housing areas under government criteria requiring a percentage of houses to be so-called affordable homes.

The Rolleston block is also designated a special housing area.

Boag said the deposits of home buyers were held in a lawyer's trust account.

"Their money is still safe and they will hear from the new owners. No-one has lost any money," she said.

In the statement prepared by Boag, she quoted Rota as saying he was "delighted to confirm the project will go ahead".

"I am aware there has been some speculation about the future of the project but it was inappropriate for either party to comment while the dispute was ongoing," Rota said.

The creditors of FCL were the sellers of the block, Geddes Trust and Dean Geddes.