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Overview

Bank of China (Canada) provides CAD 245 million to Greenland Group to finance the construction of the King Blue Condominium

Commitments (Constant USD, 2023)$200,829,025
Commitment Year•2017Country of Activity•CanadaDirect Recipient Country of Incorporation•China (People's Republic of)Overseas Jurisdiction•CanadaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2017
Start (actual)
Jan 1, 2015
End (actual)
Jan 1, 2019

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% Chinese ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (Canada)

Receiving agencies

Private Sector

  • Greenland Holding Group

Implementing agencies

Private Sector

  • EllisDon

Loan description

Bank of China (Canada) provides CAD 245 million to Greenland Group to finance the construction of the King Blue Condominium

Interest type•Unknown

Narrative

Full Description

Project narrative

At some point between 2017 and 2019, the Bank of China (Canada) provided a CAD 245 million facility to the Shanghai-based Greenland Group for the construction of the King Blue Condominium in Toronto. The terms of the loan are unknown. The Greenland King Blue Condominiums project involved the construction of two residential towers - 48-stories and 44-stories - an eight-story podium with amenity spaces and a five-level underground parking lot. The residential towers accommodate approximately 915 units. The ground floor includes public space with incorporated retail shops. The construction was finished in 2019. The King Blue Condominiums are a part of the Greenland Group's fully-owned Westinghouse Canada Building Site, which also includes the Theatre Museum of Canada and the Qube Hotel.

Staff comments

1. The date of the Bank of China's (Canada) loan to the Greenland Group has been estimated based on the implementing lawyer's bar admittance date in the absence of specific details. As the consulting lawyer was admitted to the Ontario bar in 2017, the loan could not have been consulted on before that year. 2. It is unclear if the financing was used exclusively for the King Blue Condominium project or for the other construction projects owned by the Greenland Group in the Westinghouse Canada Building Site- specifically, the Theatre Museum of Canada and the Qube Hotel.