Last Thursday, it was ruled by BC Supreme Court Justice Mark Underhill that a Chinese state-owned corporation’s BC subsidiary had to give the City of Terrace an over $6 Million deposit back.
Taisheng International Investment Services Inc, who acts as a subsidiary of China’s QETDZ State-Owned Assets Management Ltd, had promised that they would build a major industrial park on an almost 1,200 acre piece of land located in the Skeena Industrial Development Park.
The company bought that land back in 2014 but when they didn’t meet their construction milestones, Terrace re-bought the land in 2023.
Taisheng then tried to regain their construction deposit but their application was dismissed.
The City recently sent out a statement about this situation where they recognized that the company still has 30 days to appeal the decision.
The City also said that they would respect the judicial process and provide another update once that 30 period passes.