MARKHAM, Ontario--(BUSINESS WIRE)--In light of recent media coverage in The Globe and Mail,1 CIM Mackenzie Creek Inc. and Jiubin (Jerry) Feng are clarifying the status of the Mackenzie Creek project at 9900 Markham Road for purchasers of townhouse units and interested parties in the Greater Toronto Area.
CIM Mackenzie Creek undertook the development with New Silk Road (NSR), also known as Macro-Link Holdings, a Hong Kong-based investment vehicle. The delays experienced on this project are not due to financial issues and have been primarily caused by NSR’s refusal to approve elements of the project on a timely basis, including:
- failing or refusing to sign cheques to secure building permits
- failing or refusing to sign contracts to retain sub-trades
- terminating key project management employees
NSR is now attempting to profit financially through a quick sale of the project for significantly less than fair market value and is not acting in the best interests of purchasers who have bought townhouse units in Mackenzie Creek.
We are taking all legal action available to us to honour our commitment: our priority is to ensure the 141 townhouse units of the Mackenzie Creek development are built and delivered to purchasers as promised.
We will continue to update the public as the legal matter proceeds.
1 Hopeful buyers left waiting as dispute roils Toronto-area developer CIM, The Globe and Mail, October 15, 2019