Posted Jan 13, 2025, 3:28 PM
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Join Date: Jan 2014
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The property has new owners who plan to submit an entirely new proposal.
Quote:
Vancouver’s Plaza of Nations, a prominent but largely derelict waterfront parcel, has been sold for an undisclosed sum. The price is believed to be several hundreds of millions of dollars.
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Now, a representative for the new owner says with city council’s relaxing of view cones, it plans to propose a new vision with condominiums, rental homes, commercial and retail space, a boutique hotel, marina, public amenities and waterfront access.
The new owner is called Northchild Group. It is little known here and has no track record of development in Vancouver.
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In 2022, after Oei’s Canadian Metropolitan Properties Corp. finally won a seven-year legal battle with Concord Pacific over the Plaza of Nations property, Oei said he wanted to “build something iconic” there, to give back to “this city I love.”
But less than two months later, corporate filings show, Oei ceased to be a director of Canadian Metropolitan, as did his daughter, Theresa, and another associate, Moy Foong Lum. Three new directors joined the company: Jian Hong Hou of Delta, Miao Yang of West Vancouver and Qing Zhu of Vancouver.
In 2023, the remaining two longtime directors left, Vancouver lawyer James Henshall and Oei’s brother-in-law, Yow-Lin Chu.
That left the newcomers, Hou, Yang and Zhu, as the sole directors.
On paper, the property’s owner remained the same: Canadian Metropolitan Properties Corp. But the people behind that corporation, which owns no other real estate in B.C., had changed.
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B.C.’s Land Owner Transparency Registry lists Weichang Yang of Hong Kong as the interest holder in the Plaza of Nations property. Yang had been a minority shareholder in Plaza of Nations since 2017, the Hong Kong newspaper The South China Morning Post reported in 2019.
Canadian Metropolitan director Miao Yang is Weichang Yang’s daughter. Corporate records list Miao Yang as the only director of two other B.C. companies — Northchild Developments and Northchild Holdings.
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From Dan Fumano, Joanne Lee-Young, The Vancouver Sun https://vancouversun.com/business/re...elopment-plans
Last edited by madog222; Jan 13, 2025 at 3:41 PM.
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