CIM International Group Inc.
“My sense is they are all good people, but there’s some kind of dispute here and the buyers have sort of gotten in the middle of it. I don’t think anyone is trying to defeat the buyers or take advantage of them,” said David Morrison, CEO of Morrison Financial Mortgage Corporation. Morrison extended construction financing to the project, as much as $71-million, but says CIM has only drawn about $16-million on the loan and has been meeting its payments throughout the dispute.
She said fewer than half-a-dozen constituents have contacted her with concerns about the delays, hoping to get their deposits refunded and contracts cancelled. “What I’ve heard back is those who wanted to get out have been able to get their money back,” she said. In April 2019, Mr. Pang’s Global King Inc. registered a certificate of pending litigation on the land title for 9900 Markham Rd. Ms. Collucci said Mr. Pang’s company was the sales agent on the pre-sales of townhouses in Mackenzie Creek. Oftentimes full commissions to sales representatives are not paid out until projects are complete. Mr. Pang did not respond to attempts to contact him.
In addition to its delays at Mackenzie Creek, two other development plots CIM invested in were subject to insolvency proceedings and are now for sale. CIM issued warnings to shareholders about those proceedings in early October, though the insolvency processes began as early as July.The company says it invested $3,452,500 in a partnership to develop a huge 850-acre lakefront site in Port McNicoll, Ont. In October, CIM warned investors “Skyline Development Inc.