A B.C. Supreme Court judge has ordered a Richmond developer to pay almost $13.1 million for cancelling deals with more than 30 would-be condo buyers before selling the units to other people for higher prices.
In a decision posted Monday, Justice Kevin Loo found Anderson Square Holdings Ltd. was not entitled to terminate contracts with nearly three dozen customers in July 2019 under the terms of pre-sale agreements for units in a residential development project.
Loo also found that the directors of the company — former Richmond city council candidate Sunny Ho and Jeremy Liang — "acted dishonestly" in claiming a lack of financing had rendered the project impossible, but he stopped short at holding them financially liable.
The decision is the latest chapter in a saga that emerged in summer 2019 when outraged pre-sale purchasers of a project then known as ALFA went public after learning the developer was cancelling their contracts, blaming delayed construction and an external lawsuit.
Purchasers were told they could get their deposits back with interest, but more than 30 filed a lawsuit instead. And by early 2021, they watched as the project— now re-branded as PRIMA — was completed and their units were sold to new buyers.
https://www.cbc.ca/n...loper-1.7112666
Edited by Victoria Watcher, 12 February 2024 - 10:03 PM.