China Aoyuan Group has quietly sold its stake in four Canadian real estate projects, marking a near-complete exit from the Canadian market. The sales, spanning three years, include developments in both British Columbia and Ontario.
China Aoyuan Group (HKEX: 3883) has completed a near-full exit from the Canadian market through a series of sales over the past three years. The company, operating under various names including Aoyuan International and Aoyuan Canada, has sold its stake in four projects: two in British Columbia and two in Ontario. Three of these transactions were previously unreported. \The first sale, reported nearly three years ago, involved The Grove project in Burnaby, initially known as Alpha Gardens.
This master-planned community was planned for an 8.34-acre site and was sold to Anthem Properties for $215 million. The project, set to include 2,105 condos, 120 market rental units, 342 affordable rental units, and 60,000 sq. ft of commercial space, is now under development.\Following the sale of The Grove, Aoyuan's 44-storey One Central project in Surrey was transferred to Macdonald Communities Limited and Strand 133A Surrey Project Limited Partnership. This sale, disclosed by Aoyuan's China-based parent company in May 2023, involved a share sale for $50,300,004 CAD, resulting in a $20,226,000 loss for Aoyuan. \In Ontario, Aoyuan acquired 357-359 Richmond Street W and 120-128 Peter Street from Carlyle Communities in 2021 for $72,071,311. Details about this transaction remain scarce, but Kingdom Developments appears to be the current owner-developer. The most recent and significant sale involved the M2M Condos project in North York. Aoyuan acquired the 8.6-acre site in 2018 and agreed to sell its stake in Phase One to Winnet Capital Ltd. for $68,000,070 in a share sale in 2023. This resulted in an estimated loss of $17.9 million for Aoyuan. The status and ownership of the second and third phases remain unclear
China Aoyuan Group Canadian Real Estate Sales M2M Condos One Central The Grove Real Estate Development
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