Several major Canadian mall owners have strongly opposed British Columbia billionaire Ruby Liu’s plan to acquire 25 leases in former Hudson’s Bay stores, calling it unreasonable and unrealistic. The owners, including Cadillac Fairview, Oxford Properties and several others, have filed a lawsuit in Ontario Superior Court to block Liu from entering the locations, saying he lacks a detailed business plan, sufficient experience and the resources to successfully operate such stores.

The leases include valuable space with special conditions, and Liu’s plan to transform them into a mixed-use complex that includes retail, restaurants, entertainment, education and senior services is not in line with contractual constraints and is impractical in terms of budget and schedule, the companies said.

They estimate that the actual cost of renovating and preparing the spaces is much higher than Liu’s stated budget, and that if the project fails, the malls will suffer long-term damage. Liu and Hudson’s Bay have until next Tuesday to respond to the charges, and a judge is expected to rule by the end of the month.
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