China’s longstanding ties to Vancouver and British Columbia are well known and have been described at length many times over. In recent years, though, Chinese investors and business leaders have been helping to shape the future of other parts of Canada.
In some cases, collaborative efforts involving Chinese and Canadian players have made an impact in places that might not normally be suspected. When Montreal-based real estate developer Kheng Ly received an award for one such project, for instance, many were surprised and impressed.
Bringing Much Needed Capital to Downtown Montreal
Developing real estate anywhere in Montreal tends to be expensive, and cost frequently proves to be a limiting factor. Even when there is plenty of demand for certain types of real estate and accommodations, developers can find themselves lacking the resources required to respond.
Looking a bit further afield for investment sometimes proves to be just what is needed to overcome such impasses. With China having produced an impressive share of the world’s most recently minted millionaires and billionaires, it has become a reliable source of capital waiting to be deployed.
While Kheng Ly is probably best known for his ability to assess the market, his connections overseas have proved professionally important as well. When he decided to bring a condo project of unprecedented scale and luxurious to downtown Montreal, the leader of the Brivia Group drew on that network to great effect.
A Project That Might Not Otherwise Have Been Possible
The towers of the YUL project are some of the largest to have been built in Montreal in many years. Naturally enough, that level of ambition comes with a high price tag regardless of the other details.
With the YUL development, though, the Brivia Group resolved to couple scale with luxury of a truly uncompromising level. That meant upping the ante further on the financial side of the equation.
The $215 million cost of the project was one of the largest Montreal had ever seen. Had no other options been available, it is quite likely that local investors would not have been able to finance the development at all. By reaching out to investors based in China, though, Ly was able to break ground on time.