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Aveo to answer class action directed toward new sales scheme

Aveo Group Ltd. said it will defend itself against a lawsuit that claims that its introduction of a new sales scheme led to losses for some retirement village residents, The Australian reported.

The Nov. 25 report noted that the listed developer will deny that it withheld information about the impacts of its Aveo Way program, which gave outgoing residents the option to sell their units back to the company for Aveo to lease to incoming residents. As part of the program, retirement village units will be converted to leasehold from freehold titles.

The lawsuit was filed by law firm Levitt Robinson on behalf of Aveo Village residents, the publication added.

In September, three buyers in Melbourne sued the retirement village operator over the sale of two residential land plots in Melbourne.