HK owners face condo foreclosure

PUBLISHED : Wednesday, 08 December, 1993, 12:00am
UPDATED : Wednesday, 08 December, 1993, 12:00am

ABOUT 25 Hong kong investors could lose their Calgary condominiums to a Bank of Montreal foreclosure - and they may not even know it.

The bank has already started a foreclosure countdown as a Canadian lawyer desperately tries to contact the investors.

The lawyer, retained in October by the project's Hong Kong-based management company, Amiga, to find the owners of the 87 units in question, said that despite urgent and repeated letters about 25 investors stood to lose their properties.

''The management agreement states that if revenues from the condominiums do not cover expenses, Aimga can make a cash call upon the investors to make up the difference.'' Mr Vickers said Amiga had sent out notices that additional payments were needed earlier this year but 80 investors had not responded and Amiga was unable to cover the property tax or mortgage repayments.

''The [Bank of Montral] took a most aggressive stance and, only after a lot of argument, we were able to obtain a three-week adjournment in order to contact the owners of the 87 units,'' Mr Vickers said.

The court ordered that those who had not responded by the mid-November deadline would have only until December 31, after which date the court would order that the properties be sold.