The trust holding it will pay the interest, if I am not mistaken. In this case - Harris Sheaffer LLP.
and
Of course, I am sure they use those deposits for investment (buy securities/bonds) and earned more on their side, too.
Click to expand...
Do you think they (Harris Sheaffer LLP) can do that? I thought that a trust company is not supposed to use (basically to gamble) the money in trust and have to keep it as is, means in cash. I do not know anything about it, that was my guess.
Otherwise what is the purpose of a trust company? If they can use money in trust for profit then how are they different from any other commercial business, i.e. developers etc.?

Also:
I know that Greenland Group is in trouble now. But I’m not sure your guess is correct here:
They wanna wait for a lower construction loan rate, with prime 4.5% nowadays, they pay a lot more.
Click to expand...
I would think they use funds from their parenting company rather than loans in Canada. But yeah, who knows… it is a big business…
Anyway, the bottom line is that the project is unlikely to be resumed at the current terms and we are left in darkness for an uncertain time and when we get the money back the interest they pay will be just tearful.
 
MarkDv said:
Do you think they (Harris Sheaffer LLP) can do that? I thought that a trust company is not supposed to use (basically to gamble) the money in trust and have to keep it as is, means in cash. I do not know anything about it, that was my guess.
Otherwise what is the purpose of a trust company? If they can use money in trust for profit then how are they different from any other commercial business, i.e. developers etc.?

Also:
I know that Greenland Group is in trouble now. But I’m not sure your guess is correct here:

I would think they use funds from their parenting company rather than loans in Canada. But yeah, who knows… it is a big business…
Anyway, the bottom line is that the project is unlikely to be resumed at the current terms and we are left in darkness for an uncertain time and when we get the money back the interest they pay will be just tearful.
Click to expand...
Sorry my bad, I think you are correct, they can’t as it is a law firm. I mixed it up with investment firm (I kept some of my $ with asses management firm), where they are also in trust.

It can be the case they receive support from HQ, but I would assume amount is limited, maybe for admin such as salaries and office expenses.

There are state owned Chinese bank here in Toronto as ICBC, they have a chance to work with them to get the loan, local banks rarely touch them IMO as they can’t verify the potential risk/exposure. But for banks such as ICBC, they knew Greenland from China mainland and they might just ask Greenland HQ as a guarantor.

Note most developers in the world do take on loan rather than spending cash directly, public traded companies (like Greenland) want to keep their financial statements looks great, just my feeling.
 
Note most developers in the world do take on loan rather than spending cash directly,
Click to expand...

Well, I know that… I think all businesses now work the same way. Nobody uses their own money… because they actually don’t have their own money as all money is put into business already.
Essentially we are all the same who have any type of loan. If you have a mortgage and go to the grocery store you are essentially spending bank’s (loan) money…
But this is off topic discussion…Back to our sheeps… Nothing probably could be done here from our side. We just have to wait…

I’d just repeat my question about the Whatsapp group. Is it worth joining? Is there any info/update other than here in this thread?
Thanks.
 
MarkDv said:
But this is off topic discussion…Back to our sheeps… Nothing probably could be done here from our side. We just have to wait…
Click to expand...
Agreed, very off topic :p
I expect something in the summer (best time for construction), otherwise wasted another year
 
MarkDv said:
Well, I know that… I think all businesses now work the same way. Nobody uses their own money… because they actually don’t have their own money as all money is put into business already.
Essentially we are all the same who have any type of loan. If you have a mortgage and go to the grocery store you are essentially spending bank’s (loan) money…
But this is off topic discussion…Back to our sheeps… Nothing probably could be done here from our side. We just have to wait…

I’d just repeat my question about the Whatsapp group. Is it worth joining? Is there any info/update other than here in this thread?
Thanks.
Click to expand...
Yes, the WhatApp group sometimes has very useful information that is not shared here.
 
this is the only forum that has any updates on this project. Builder is.....not of any help via email.

1. Does everyone who bought here have the same Tarion's Purchaser's Termination date or is that based on when they did sign the purchase sale agreement?

2. just an FYI I just contacted the lawyers for the builder holding the deposit and they confirmed they still have the deposits with them.

Realistically, even if they start construction today, they wont be done by my Termination date (mine is August 2026).....so wouldn't it make more sense for them to just cancel agreement right now and give deposits back. $200,000 not a small amount (well to me for sure).

3. Anyone thinks all or most of the buyers band together and force them to cancel the agreements and return deposits is a good idea?
 
I purchased lakeside condo, last week, the Greenland Lakeside stops replying my email. and forward to info@lakesidetoronto.ca, but no one reply also
And CEO of Greenland in China was reported in chinese news that have been enforced by the Chinese courts
 
wilson27777 said:
who knows if the Greenland Lakeside refund our deposit ?
Click to expand...
i had checked with the law firm holding our deposits in trust. They still have it in trust. They (the law firm) also replied back saying as much as they know the project is still a go. This was about 2 weeks ago.

I'd be happy if they can just give my deposit back. even if it starts tomorrow, it takes 4 years + to complete a condo. Not worth the wait.
 
I talked to the City officials, and this is what I have to report.
The Lakeside project has new ownership. Pinnacle has bought over the entire project from Greenland.
Greenland is out of the picture.

Pinnacle is working with the City to wrap up the approval process that were started by Greenland. The delay in the approval process in the last few months was due to the changeover of the ownership.
For the point of view of the application process, all the technical reviews and designs are done and the City is prepared to approve these. The critical item remains the East-West Road, where the RGW (180 Queens Quay) and now Pinnacle are contributing the land, and this should be expedited with Pinnacle in charge. The City is facilitating this.
 
The City official stated that in his view, ”The new owner is committed to finishing the project”
Pinnacle will be soon informing the buyers of the new ownership and the status of the project.
So my sense is that the final approval is imminent and Pinnacle, a very reputable builder, will want to expedite the construction. No more games and delays. It remains to be seen if they will abide by the current contracts signed with the buyers. I am hoping that they find value in sticking with the current buyers and focus on the construction, instead of going looking for new buyers at a higher price. Keeping fingers crossed.
 
You must log in or register to post here.

Back
Top