POLICE in Hong Kong are investigating after a developer working in Bradford went into liquidation, owing millions of pounds to overseas investors.

Absolute Living Developments, which had been behind three projects in Bradford city centre as well as others in the North West, has been placed in compulsory liquidation.

The Hong Kong authorities have now stepped in to investigate allegations of deception after angry buy-to-let investors staged a series of protests there.

A spokesman for Hong Kong Police said they had received “reports from 118 people who suspected that they were deceived while investing in properties involving HK$74.17 million [£7.41m]”, adding that the case was being looked into by its Commercial Crime Bureau.

Absolute Living Developments, formerly of London and more recently based in Liverpool, specialised in turning old offices into flats and bedsits and selling them to foreign buy-to-let investors.

In Bradford, it had been working on three projects, creating apartments within the former Abbey National Direct call centre Alexander House in Bolton Road, the former Bradford Council office Olicana House in East Parade and former Provident Financial base Colonnade House, now called Summer Berry Residences, in Sunbridge Road.

But in April, Bradford Council - which was owed more than £180,000 in business rates by the firm - went to the High Court and successfully argued that it should be wound up.

Documents show that while investors had paid substantial amounts to fund the conversion projects, all three Bradford schemes remain unfinished.

Hong Kong politician James To Kun-sun is championing the cause of more than 200 people who invested in five Absolute Living Developments schemes, including the three in Bradford.

He has written to the British Consulate in Hong Kong calling for the British authorities to properly investigate the matter, warning the “UK’s reputation at large would be at stake” if it did not act.

He has also joined investors in protests held outside the British Consulate and the Commercial Crime Bureau.

One woman in Hong Kong claims she is £30,000 out-of-pocket after investing in one of the apartments at Olicana House.

The woman, who wanted to be known only as Mrs Wong, said she and her mother were sold an apartment for £60,000, with £30,000 to be paid off-plan and another £30,000 on completion of the flat, due in September 2015.

She said she was told there would be a guaranteed eight per cent return on her investment, in rental income, for three years.

Mrs Wong has since discovered that her apartment is not finished and said she now feared the property would be sold to pay creditors as liquidators wound up Absolute Living Developments.

Mrs Wong said she had received little help from the UK authorities and the whole matter had “shocked me to the core”.

She said: “In my view, it is not safe to invest in the UK anymore, because you will be left alone.”

Councillor Val Slater, deputy leader of Bradford Council, said the authority was concerned by the news.

She said: “We welcome foreign investment into the city and we are very sorry that these current investors have had such a bad time and have been treated so badly.”

She said while the authority did have concerns about the number of bedsits and small flats being built in the city, she was not “condemning the model” in which schemes are financed by buy-to-let foreign investors, saying this was working well at other projects.

Documents show of the 137 flats in Olicana House, 128 had been sold to investors but 49 of them had still not been finished.

While many flats in Summer Berry Residences are complete and occupied by tenants, a second phase of bedsits is awaiting completion.

And it is understood that Alexander House has been stripped out but no flats have been completed.

Catherine Hudson has been appointed as the official receiver and has begun her enquiries into “the causes of the company’s failure and its general business dealings”, a spokesman for the Insolvency Service said.

The spokesman said she could not comment on specific cases, adding: “If any criminal matters are uncovered these will be reported to the relevant prosecuting authority.”

Meanwhile, liquidator Louise Brittain has been appointed by creditors to attempt to recover the money owed to them.

She said the process in a case as complex as this could take a year or two.

Ms Brittain said they still didn’t know how much money the firm owed as “lots of creditors are still coming out of the woodwork”.

She said: “It is certainly many millions.”

The Telegraph & Argus was unable to contact anyone from Absolute Living Developments for comment.

The Foreign Office did not respond to requests for a comment.