Duck Island, located along the Fraser River and leased to the Richmond Night Market, was set for redevelopment by Jingon International Development Group.Duck Island, a huge waterfront site in Richmond that was set for wide-scale redevelopment, is the subject of foreclosure proceedings and has been made available via court-ordered sale, according to filings in the Supreme Court of British Columbia and a property listing.
The Duck Island and River Road parcels are owned by Sanhurgon Investment Ltd. while the West Road parcels are owned by 0916544 BC Ltd., all of which are beneficially owned by Jingon International Development Group, who was planning tothrough LFC Summit22 Limited Partnership on March 11, pertaining to a mortgage agreement the parties entered into in April 2022. The agreement was later amended twice and is for a non-revolving loan in the principal amount of $85,000,000.
On May 13, the Supreme Court granted the order nisi of foreclosure confirming the outstanding debt at $90,953,959.85, with interest accruing at 15.85% per annum. The Supreme Court also set the redemption date — the date by which the borrowers can pay the outstanding amount to halt the foreclosure — at November 13.