How about well get the billionaires to stop being such pricks and do both?

People are people. Honestly I'd rather some Ukrainian or Syrian I don't know at least live another day, considering most of the complaints about cost of living aren't life and death here being peppered by bombs, but seriously, why not both? Start killing (maybe not killing, but at least locking up) people that forgot to declare their French villa on their taxes and redistribute their money among all those people.

https://vancouversun.com/business/re...0-million-debt

Classic developer move.

Make billions when the economy is hot, and file for protection because you fucked it all away when the economy goes mildly south.

“ The petition lists Zhen Yu Zhong as the sole director and officer of Coromandel Properties”

In b4 a billion dollars vanishes overseas.

The properties in question are some of the most lucrative, attractive developments in the city. Zhong’s buddies were probably ready with cash in hand to buy into these developments and this company still could not make it work..

Wasn't pricing $1,400 - 1,500/sqft?

Those Cambie developments were selling out before foundations were poured though.

Loans are normal obviously for construction almost no one finances a project themselves but look at the owners name.. ya think that guy was just a normal guy in Canada running a normal business? Lol..

Probably has fucked the trades around for payment and due to that they've stopped work, his projects likely won't get finished. Chicken and the egg, nobody is going to finish your project on their dime without regular progress draws.

ugh this is why im terrified of presales. so many horror stories.

I got screwed out of 5% at 23 y/o. My first attempted purchase. Luckily Victoria, 15 years ago things were pretty cheap. Lol

Based by that article, sounds to me like coromandel properties is running a ponzi scheme to a degree. Where new presales, pay for the completion of current builds.

Then the new presales stop, and "for some reason" the billion dollar company is now broke, can't pay it's contractors, and goes belly up.

Similar to evergrande in china

We keep having developments here asking for bylaw exceptions for the same reason. No joke one said "the project won't be profitable at the height limit of 5 stories so they need to be allowed to make it 11 stories." If you can't be profitable in this market what the hell have you been doing? Not to mention being profitable is a them problem, it's not everyone else's job to give them exceptions to ensure they can make a larger profit. All of us would make a lot more money if we could get exceptions to the rules lol.

And yet it is not at all uncommon for (RE) developers to get these exemptions from City Hall. It happens again and again, which is why the developers keep asking for them. And if it gets caught and City Hall has a PR fire blazing up its a$$, they'll just say sorry and that they won't allow it again -- but the exemption this time will go ahead.

Jesus... I need to get a one (life)time exemption on personal income taxes too, and then it'd be profitable.

Muscles too... apparently :okay:

Being scrawny and having a shitty car didn't help get girls either. What the fuck do women want?

It's expected... it's 2023 now. More dudes are coming out.

I think I finally figured it out. Women want other women. Just like they buy clothes not impress us, but to impress other women. Also the dudes they seem to be attracted too are all these femboy looking types that I can’t even tell if they are dudes or women. Im looking at you Kpop boybands !!

Hilariously most of the really feminine looking dudes are also gay so they kinda screwed themselves over. :lawl:

I know one thing that works though. Doggies. When I walk out with my chihuahuas in my manly LV dog bag and their fru fru dog walker, I get a ton of bitches coming up to me. It wouldn’t be too hard to turn those opportunities into something more if I wasn’t followed by my tiny, spying, wife balloon.

Dogs and money

Or owning your own place in Van area that's pretty much a sign of the latter

ah yes. The subtle art of seeing if you have money or not.

Rando woman: ohhh cute doggies
Doggies: bitttchhhhh!!!! Bark bark bark… gonna kill you and eat your stupid face bitch… bark bark
Me not wearing my ring: quiet chis chis, be nice to the pretty lady
Doggies: okay dad…
Rando woman: ohhh they so cute. You guys live around here ?
Me not wearing my ring: yeah pretty close ! My trailer is just over there
Rando woman: have a nice life and immediately runs away

Homeless person came and stole the cushions off one of my patio chairs last night

#LoveWhereYouLive

^False flag operation

Here's an interesting article about real estate from a different perspective. The developer.

I notice that this thread is mainly discussion about real estate from the perspective of buyers and sellers.

This developer Coromandel Properties Ltd. is pretty fucked now. Over $700 million bucks in debt. Sixteen housing projects are in jeopardy because of big financial trouble that Coromandel is facing now.

https://vancouver.citynews.ca/2023/0...loper-bailout/

A Vancouver property developer is going to the courts for a bailout, saying it can’t pay over $700 million in debt, putting 16 housing projects in jeopardy.

Coromandel Properties Ltd. has filed a petition to BC Supreme Court this week asking for relief under the Companies’ Creditors Arrangement Act, indicating the need for relief is “urgent.”

The petition, if successful, would give the company time to deal with financial problems due to stagnated progress on the 16 developments. The company cites difficulty paying its debts due to rising interest rates.

Many of the properties in question are on Cambie Street in Vancouver, with lots that are slated to be high-rise residential units. There are also parcels on Alberta Street, Ash Street, Georgia Street, and Manson Street.


In a request for comment from CityNews, Coromandel gave a statement confirming its petition.

“If the court grants their request for protection, Coromandel will work towards restructuring its finances and advance its operations,” the statement said.

They most likely severely overpaid for their properties too. Companies like Onni, Bosa, etc tend to bid within reason even though they could pay a bit more if they wanted to. Those mainlander devs come swinging in with big dick energy when they're bidding.

The company may be fucked and forced to a fire sale of undeveloped lots but it'll get snatched up quick. No clue what happens to the pre-sale buyers but honestly dont really care as most are probably "homemakers and students" that can afford that hit given the prices for those pre-sales in that area

#givewherewelive