North Vancouver's iconic Grouse Mountain will be sold within days.
According to the Globe and Mail, the potential sale of the resort property to China Minsheng Investment Group, which is connected to the Chinese central government, is for $200 million.
Grouse's management confirms that there has been an agreement reached with a potential purchaser on a pending transaction. The transaction is expected to close in the coming days.
District of North Vancouver Mayor, Richard Walton said the district will be watching closely and eager to meet with the new owners. Most importantly, he said, they will be making sure the new owners understand where Grouse fits within the larger community.
When Grouse was put on the market last year, district staff prepared a report available to all prospective buyers outlining the zoning and land use regulations. Marketing material at the time of the listing mentioned the potential for a mountain top hotel, spa facilities and lift serviced mountain biking. Some of the improvements would require rezoning. Others wouldn't.
The fact that the potential buyer is linked to the Chinese government may raise eyebrows for some, but there are many resource companies owned by Chinese capital operating in Canada that operate in a socially responsible way, according to Walton.
The jury is out.
Grouse employs upwards of 800 workers at peak season.
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