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$105-million Real Estate Deal Reveals Hot Vancouver Market’s Inner Workings

$105-million real estate deal reveals hot Vancouver market’s inner workings

By DAVID EBNER for The Globe and Mail

Two leading Vancouver developers are selling several adjacent buildings in the city’s downtown for $105-million to a Hong Kong-based buyer, one of the biggest land deals in the region in the past two years.

In 2015 and 2016, Westbank Corp. and Bosa Properties Ltd. had independently set out to buy up units in a seven-storey condo building at 1075 Barclay and four adjacent townhomes in the city’s West End, a largely residential neighbourhood on the downtown peninsula that has seen a recent push for increased density. Together, the land at and beside 1075 Barclay could be rezoned for a tower of some 50 storeys under the City of Vancouver’s new West End Community Plan, which allows for major redevelopment on the area’s main streets.

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But the rival developers couldn’t work together, or agree on a deal with each other, and instead decided to sell. The buyer is Grand World Holding Ltd. Corporate records show the entity was incorporated in the fall of 2016 and is registered at the offices of Richmond’s largest law firm, Pryke Lambert Leathley Russell LLP. Grand World has one listed director, Hong Qing Zhang, based in Hong Kong.

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