TORONTO, Nov. 20, 2019 /CNW/ - On Friday, November 1, the Superior Court of Ontario rejected the request of Jiubin Feng, and a number of corporate entities controlled by him with varying names, including CIM Mackenzie Creek LP, CIM Homes Inc, 10184861 Canada Inc., and others (CIM), for an injunction against the sale of the securities in Mackenzie Creek, a real estate project in Markham. In doing so, it greenlit the transfer of ownership of the project to a new, responsible developer who will see it to completion.
On Thursday, November 14, the Director of Titles in the Province of Ontario, who supervises the province's land titles system, removed two notices which CIM had registered on the underlying property. These notices served to impede the sale of the project securities to a new developer.
Paul Ng, CEO and Executive Director of New Silkroad Culturaltainment (NSR) issued the following statement in response:
"We welcome the court's decision to permit the sales transaction of the Mackenzie Creek Project. This decision will allow us to transfer the full ownership of the Project to a new developer, Sunny Development Holdings Inc. This will help move the Project forward so that all remaining stakeholders – including the 132 depositors who have bought into the development – can be confident that their investments are secure.
NSR invested in Mackenzie Creek Project in 2017, in partnership with and at the invitation of Jiubin Feng. We initially intended to be a silent investor in this Project. However, by 2018, it became clear that under CIM's management, the project was not making sufficient progress.
As such, we exercised our discretionary rights under our agreement with CIM, and made the decision to sell the Project to a responsible developer.
We also took the important step of taking over the operation of Mackenzie Creek from CIM, putting in place a responsible development team, and getting the project back on track.
The court's decision on November 1, and the action of the Director of Titles on November 14, allow that process to continue. Some of the important moves we have made in the last few months include:
- Securing approval of the site plan from the City of Markham
- Securing regular site service permits from the City of Markham
- Securing the building and land use permit from the Ontario Ministry of Transportation
- Securing the block 1 building permit from the City of Markham
- Continuing to finance the project company, CIM Mackenzie Creek, and honouring the return of deposits to homebuyers who request it
We look forward to closing the transaction with Sunny for the benefit of all stakeholders in this project – including the 132 depositors in Mackenzie Creek's townhomes.
Under NSR's management, the project has once again begun to move forward. We will work diligently so that it continues to do so. The recent court decision, and the action of the Director of Titles, are big steps in that direction."
SOURCE New Silkroad Culturaltainment
For further information: Michael O'Shaughnessy, [email protected], 416 413 4732