A Timeline Of Thind Properties And Its Insolvency

Thind Properties, a prominent real estate developer based in Burnaby, British Columbia, is currently entangled in multiple insolvency proceedings affecting several of its projects across Metro Vancouver. The company's financial troubles have led to court-appointed receiverships and foreclosure actions, raising concerns among investors and homebuyers.​

The financial difficulties began with the District Northwest project in Surrey, where Thind planned to construct two high-rise towers comprising 1,023 units. Despite selling approximately 90% of these units, the company defaulted on its mortgage payments to lender KingSett Capital, leading to a receivership order in November 2024. KingSett claimed that Thind owed over $85 million, including interest accruing at a rate of $31,661.89 per day. ​

Following this, KingSett filed receivership applications for two more Thind projects: Highline Metrotown in Burnaby and Minoru Square in Richmond. Highline, a 48-storey mixed-use tower completed in late 2023, faced issues with unsold units and unpaid debts totaling approximately $146 million. Minoru Square, still in the planning stages, had an outstanding debt of around $75 million. Both projects were subject to missed interest payments, prompting legal action from KingSett. ​

In addition to these, Thind's Eclipse Brentwood project in Burnaby and Maywood project have also come under financial strain. Eclipse Brentwood faced challenges with construction financing, while Maywood became the subject of foreclosure proceedings due to a default on a $7.9 million loan. These developments have further compounded Thind's financial woes, bringing the total debt owed to KingSett Capital to over $300 million. ​

The company's financial instability has also led to legal disputes with contractors and service providers. For instance, Inform Projects filed a civil claim against Thind for unpaid fees related to cabinetry work at the Highline project, alleging that funds were misused to finance other ventures. Such disputes highlight the broader impact of Thind's financial troubles on various stakeholders involved in its projects. ​

As Thind Properties navigates these complex legal and financial challenges, the future of its ongoing and planned developments remains uncertain. The outcomes of the receivership and foreclosure proceedings will significantly influence the company's ability to recover and fulfill its commitments to investors, homebuyers, and partners. Stakeholders are closely monitoring the situation, awaiting further developments and court decisions.​