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Originally Posted by whatnext
Yes, exactly what I was referring to. And wasn't there a similar situation with Coromandel? Add to those two the group behind 1045 Haro and it seems China's property meltdown is rippling across the Pacific.
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If you mean do all three companies have a founding director who came from China? Yes. Coromandel's problems were because it didn't have any family financial backing from family - or if there was any, not enough. Jon Stovell at Reliance said "I would call them a small developer with unusually large land holdings." They borrowed way too much, and didn't develop soon enough, so got hit once interest rates went up. They appear to have managed to get out of creditor protection as their partners for development like Peterson and Nicola Wealth have bought them out, but they're also not developing (at least, not for now).
Port Capital (who aren't Chinese at all) had a similar situation. Landa were one of the two bidders for the stalled Coal Harbour project.
The Haro project was different - they paid too much to acquire a site, and didn't even submit an application. It was way too big a project for an entirely inexperienced 'developer'.
Landa may have started with family backing in 2017, but there's been no suggestion of any Chinese lenders demanding their money back recently. They've built more than Coromandel, and appear to be on track to start their smaller Alberni project (if the article is accurate).
Vivagrand Developments have had their Robson project in foreclosure, and they are affected by the Chinese property situation. Their Facebook page described them as the "North American office of Xiangli, a leading real estate firm with 22 years of experience."
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And as I said, the style, though predominantly 'New York,' is not exclusive to it. {People's thoughts get "stuck inside a box" sometimes.}
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