Chinese Company pays 30 million for 4,000acres near Squamish

[Taipan]

This reminds me off all the hype surrounding Furry Creek (next door to this site) when it was first being developed. 15 years later and only 15% has been built. The golf course went through bankruptcy and it is a struggle to sell the current homes. There are train tracks running along the oceanfront which really limits development and access. There are no services. A large parcel was purchased by Chinese in Whistler a few years back. The owner made a bunch of money convincing people in China to invest in the project. It never got off the ground and the owner walked away with the money. It will be interesting to see how this plays out.

Me thinks it will be a case of history repeating itself.

[MultipleOffer]

Interesting choice for a development area. When MacDonald did the other big Briannia subdivision above the mine in '05 it was pre-sold mostly to foreigners. Many were flipped as assignments at considerable profits. Now the lots are trading below the original pre-sale prices, and well below assessments. Sales are fairly slow and supply exceeds demand, and although there are some homes under construction many lots sit vacant and will for years to come. Bringing another 1000+ lots to an already oversupplied area seems optimistic. I hope the developer has deep pockets to be able to build an infrastructure that will get people to actually buy/build there. That being said, land costs of $34,000/unit seems cheap, particularly if they can amend the OCP to allow more units.

[registered]

Very likely the developer will use Cam Good's service to pre sell them in Shanghai and Beijing.

Not bad, not bad, but using someone accused of misrepresenting local realtors to the press as 'fervent Chinese investors' is a little too obvious. You need to fine tune that a bit.

[thinktom]

Note Vanpro is avoiding this thread like the plague.