A British Columbia developer, previously at risk of imprisonment for concealing financial details behind her extravagant lifestyle, is now facing potential bankruptcy over a multi-million-dollar mortgage linked to prime real estate in Vancouver’s Cambie Corridor. TCC Mortgage Holdings extended over $67.6 million to entities overseen by Helen Chan Sun for the development of a 1.3-hectare property, known as the Shawn Oaks site, located south of Oakridge.
The land currently features 72 townhomes from the late ’60s that Sun intended to redevelop into a project with two towers exceeding 30 storeys and 180 units of social housing. Despite a court-ordered foreclosure and sale of the property over a year ago, no offers have been received for Shawn Oaks. TCC Mortgage Holdings is pursuing a bankruptcy order against Sun for failing to repay a debt now totaling $78.1 million.
Sun, who did not respond to CBC News inquiries, is entangled in complex financial matters in both the B.C. Supreme Court and the Tax Court of Canada. She owns Landmark Premiere Properties Ltd., which establishes corporations to acquire and manage properties earmarked for future development, particularly in the Cambie Corridor—a once-promising real estate area revitalized by the $6.5 billion Oakridge site redevelopment.
However, the downturn in condo prices last year, as highlighted by the Canada Mortgage and Housing Corporation, has impacted Sun’s financial standing. Her declared net worth plummeted from $94 million in 2018 to $21 million in 2023. Creditors have placed two of Landmark’s Cambie Corridor properties, including Shawn Oaks, under receivership due to debts exceeding $150 million.
Apart from TCC Mortgage Holdings seeking a bankruptcy order, another creditor filed a bankruptcy application last year related to a $45 million debt. Sun emphasized that nearly all her accumulated wealth has been channeled through Landmark and its real estate ventures. Concerns are raised about potential repercussions on the marketing of Sun’s properties in light of the bankruptcy proceedings.
The legal tussle extends to Sun’s tax assessment case, where she contests a $6 million tax bill for allegedly underreporting over $5 million of income. The Canada Revenue Agency found discrepancies in Sun’s finances, pointing to unreported incomes and property transactions. Sun refutes the tax assessment, citing inaccuracies and non-taxable transactions, while the CRA insists on the income discrepancies.
Sun’s financial challenges are exacerbated by her past court entanglements, including a jail sentence threat for contempt of court due to non-payment of a $3.5 million debt. Despite reaching payment agreements, Sun’s failure to adhere to court orders led to legal repercussions, including potential incarceration if she doesn’t comply by a specified deadline.
The ongoing legal battles and financial woes underscore Sun’s precarious financial situation, with her lavish lifestyle at odds with her claimed income levels. The intricate web of legal proceedings and financial strains casts a shadow over Sun’s real estate ventures and raises concerns about the future of her properties.