Vancouver developer Coromandel Properties pushing back on media reports about debts

A Vancouver developer that has accumulated more than $700 million in debt, according to court records, appears to be pushing back on media reports about its efforts to seek creditor protection and the potential impact on presale buyers.

Coromandel Properties has been acquiring land and developing multi-family residential towers and townhomes around Vancouver since 2013. But the company is struggling to make payments on its 16 properties — most of which are unfinished —  according to a petition filed last week in B.C. Supreme Court that asks for time to sort through a maze of financial problems due to difficulty servicing its debts amid rising interest rates.

But a company statement circulating on Chinese-language social media app WeChat outlines that some media reports have been spreading rumours and exaggerating details about the company.

The statement, posted in Chinese, said some reports inaccurately reported the company owed more than $1 billion. The statement said the company’s Frame project, which is located in East Vancouver on Kingsway, is running according to plan.