This is encouraging news, this is the 2nd executive position they have eliminated recently - I think it shows they are serious on cost control.

https://www.nzx.com/announcements/430356

“Kiwi Property today advised that Ian Passau, GM Development, will be leaving the company following a restructuring of its development function.

Kiwi Property Chief Executive Officer, Clive Mackenzie, said: “Ian has made a huge contribution to Kiwi Property over the past seven and a half years, leading major initiatives such as the Sylvia Park galleria expansion, the construction of our Resido build-to-rent scheme and the successful upzoning and commencement of development at our Drury landholding.“

“Unfortunately, given our focus on cost reduction and with no new development projects commencing in the short term, we’ve been forced to make some tough decisions. I want to thank Ian for everything he has done for the business and we wish him all the best for the future."

Ian will remain at Kiwi Property until mid-August 2024.”