A Vancouver developer, Helen Chan Sun, who is estimated to have a net worth of at least $20 million, may face imprisonment later this month unless she fully discloses her financial information in B.C. Supreme Court. Two months ago, Sun was given a 40-day suspended sentence for contempt of court due to non-compliance with a payment order, which was suspended until Feb. 20 to allow her time to reveal her income and expenses.
Meanwhile, another group of creditors is seeking a bankruptcy order against the 49-year-old CEO of a development company in Greater Vancouver. Court documents and a recording of the contempt hearing shed light on Sun’s financial struggles amidst the downturn in Vancouver’s real estate market, which she attributes to her lack of liquidity.
Sun owns Landmark Premiere Properties Ltd., a company that establishes subsidiaries to manage properties earmarked for future development. While she claimed to be “cash poor” in court proceedings and reported an annual income of $60,000 to $70,000, evidence revealed a lavish lifestyle inconsistent with her financial disclosures.
The contempt proceedings stemmed from a $4.5 million mortgage issued by GC Capital Inc. for a failed real estate project in 2018. Sun had agreed to pay $5.6 million in installments but ceased payments in 2022, leading to a court order for monthly payments of $300,000 until the debt is settled.
Sun’s financial woes coincide with the broader challenges in Vancouver’s real estate market, where property values have declined, and numerous projects have been delayed or abandoned. Sun’s investments in the Cambie Corridor have been impacted, with some properties in receivership and development plans stalled.
Creditors have pursued judgments exceeding $115 million against Sun and her companies, with properties facing uncertainties in sales and potential revenue losses. The bankruptcy application against Sun, scheduled for a court hearing, raises concerns about the impact on pre-sale purchasers and the value of ongoing projects.
As Sun faces a deadline to comply with court orders and disclose detailed financial information, the case highlights discrepancies in her financial disclosures and raises questions about her spending habits and lifestyle choices. The judge emphasized the gravity of the situation, warning of potential jail time if Sun fails to address the financial obligations she is bound to fulfill.