Vancouver real estate: A self-made success, Thind now faces trouble

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Soon after immigrating to Burnaby from a village in India, Daljit Thind found work laying tiles. From those humble beginnings, he built an empire.

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After learning about the construction industry, Thind took on his first project: renovating his sister-in-law’s home. He then put those profits into a larger project, and then another.

Last year, when Thind earned the Order of B.C., the province’s highest honour, his official biography said he was responsible for $4 billion in development, more than 1,000 jobs throughout Metro Vancouver, and millions in charitable donations.

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Beyond construction, Thind also established himself as an entertainment mogul. His company’s website credits him with producing several blockbuster Indian movies and helping to bring the Times of India Film Awards to Vancouver in 2013.

Thind also gave back through philanthropy, his website says, donating millions to some of B.C.’s largest hospitals, faith-based organizations and other community causes.

But, now, Thind’s business empire appears to be struggling, and his company and related entities are being pursued in court over hundreds of millions of dollars in allegedly unpaid debts from lenders, suppliers and partners.

KingSett Mortgage Corp., one of Canada’s largest private equity real estate lenders, has gone to court demanding more than $300 million it claims Thind’s companies owe, with almost $100,000 in interest accruing every day.

KingSett succeeded earlier this month in obtaining a court order placing a 1,032-unit Surrey condo project owned by Thind into receivership, and the lender has petitioned the court seeking the same fate for other Thind properties in Burnaby and Richmond.

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Thind Properties’ recent challenges are the latest and perhaps highest-profile example of B.C. real estate companies in trouble, as challenging market conditions have created a rise in insolvencies and receiverships.

Other lawsuits have been filed against Thind’s companies in recent months by subcontractors, strata corporations and a former site supervisor for the company who filed in small claims court this month alleging he is owed unpaid wages.

Now, Thind is trying to sell part of the Burnaby property facing possible receivership, but that sale could be jeopardized by litigation.

Last week, Surrey realtor Gurmail Singh filed a claim in B.C. Supreme Court, alleging he is owed $800,000 for his services in facilitating the sale of 44 strata units in the 48-storey Burnaby highrise, which includes condos, office space and a 159-room hotel.

Singh’s lawsuit came with what is known as a certificate of pending litigation, which is registered against the property’s title.

On Thursday, Thind’s lawyer filed an application asking the court to cancel the certificate of pending litigation. Thind’s company has made an agreement to sell the Burnaby property to a hotel company for $47.2 million, the filing says, with the deal slated to close next week.

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But now that sale “has been jeopardized” by the certificate of litigation registered on title, the filing says, and if Thind’s company is unable to complete the sale on Nov. 29, it will incur “significant damages and expenses,” the filing says. Thind’s filing denies Singh ever provided any services or even had an agreement with the company.

Thind’s lawyer declined to comment when reached Friday, as did Singh. No one answered the phone this week at Thind’s offices in Burnaby, and representatives of the company, including its CEO, didn’t reply to emails.