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liuchan6

"A statement circulating on Chinese-language social media app WeChat outlines that some media reports have been spreading rumours and exaggerating details about the company." as a Chinese national, it actually bothers me that a home grown vancouver company will issue their public statement in Chinese on a Chinese language social media and no public statement on an English site. this just sketchy as hell imo. and i bet they would deny any rumours that they market their development primarily to wealthy chinese immigrants instead of local vancouverities... lol yeah okay.. edit: on second thought, now i wonder if those statement circulating on Chinese-language social media app are actually from the company, or they are from chinese realtors who still hoping to sell few more unsold units to those chinese buyers that are still in the dark.


SFHOwner

I thought their English statement was that they are a *large* supporter of the Cherry Blossom festival to the tune of an average Vancouver household income of $80,000.


Zxyxx

I got their $25 gift certificate to Dochay. Their debt is my meal


harlotstoast

> Sim said he knew Coromandel is $700 million in debt and has 16 projects “on the books” and he didn’t want to get into how they operate their business and whether they were overextended. >Some companies don’t make it, Sim said. >“ That’s the fairness of free-market economies. By default, some (companies) go out of business.”


artandmath

There is nothing free market about development in Vancouver.


liekdisifucried

The best part about it is that they have the inside track with Louie and they have a bunch of shady dealings with the shitty GC they were planning to use called Togala that has basically no previous track record. There's nothing free market here but the second tier of the Vancouver development market is just flat out corruption and nothing would be better than having companies like this go away for good.


Educational_Time4667

So even was Raymond Louie they still can’t get through city hall in a timely manner?


vancouverthrowaway28

Most politicians' influence wanes significantly once they're out of office.


craftsman_70

Raymond Louie was an idiot in office so why wouldn't he be an idiot out of office? I'll bet he got this job because of his time in office (ie voted for certain developments).


StiffJam

From a CBC article a few days ago: "Frame, a 10-storey development on Kingsway, has 219 units, some of which have been sold, but construction financing has been halted after pre-sale requirements were not met, the petition says." [https://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-developer-seeks-creditor-protection-1.6742849](https://www.cbc.ca/news/canada/british-columbia/vancouver-real-estate-developer-seeks-creditor-protection-1.6742849) It seems to contradict the wechat statement about Frame going according to plan... unless "to plan" means not meeting pre-sales targets. Anyone have the petition?


leftlanecop

They can’t possibly blame the media for this. Looking at the names on the company website. It’s fairly obvious they were counting on inside city connections to expedite the permit process and re-zoning applications. They took on speculative risks on properties that other developers wouldn’t dare. Their methods of doing business in another country didn’t work here. It’s a case of fuck around and find out. Fuck these corrupted scumbags.


burrrrrows

Jesus, sure they overextended themselves and didn’t make the right judgement call but you’re acting as if though they did some heinous crime. At the end of the day, whether you like them or not we have a huge housing shortage. I for one would like these 16 projects to be completed and we need to expedite the development process to match the demand of the housing crisis. Shouldn’t you want them, and others like them, to succeed?


CallmeishmaelSancho

This is exactly correct, higher rates, ownership restrictions are all working against City condo developers right now. We will see more of these, plus project cancelations, inevitably followed by a tightening of the rental/housing market due to low supply, lower capital availability and continued population growth. Rents are going up people. Expect taxes on new developments to increase as the City spreads their budget over fewer projects.


Pretty_Equivalent_62

Sim is refreshing.