August 9, 2025, Vancouver— In a dramatic development shaking Canada’s commercial real estate sector, six of the country’s top real estate companies have filed court documents in Ontario Superior Court aiming to block renowned British Columbia-based Chinese-Canadian billionaire Ruby Liu from taking over 25 key leases originally held by Hudson’s Bay Company.
The firms argue Liu’s ambitious department store redevelopment plan is “completely unrealistic” and that her team lacks the necessary experience, capital, and operational capacity to execute it successfully.
From Rising Star to Legal Target: What’s Behind the Lease Dispute?
Ruby Liu’s business story is widely regarded as legendary. Starting from scratch, she has risen to control three major shopping centers in British Columbia. Earlier this May, she was celebrated as the clear “winner” when she outbid numerous competitors to secure 28 lease agreements from Hudson’s Bay. She has already completed transfers for three leases located within her own malls.
However, the remaining 25 leases — covering prime retail locations across Canada’s major urban centers with rents far below market rates — have sparked fierce opposition. These leases are widely considered a rare “once-in-a-century” opportunity by industry insiders, and Liu’s acquisition has triggered alarm among the six real estate giants.
United Front: Six Real Estate Titans Challenge Liu’s Plans
The six companies — Cadillac Fairview, Oxford Properties, Ivanhoe Cambridge, KingSett Capital, Morguard Investments, and Primaris REIT — have jointly voiced concerns focused on:
- Unrealistic Redevelopment Plans: Oxford Properties’ Vice President Nadia Corrado revealed Liu proposed transforming the department store spaces into high-end Asian dining venues, children’s entertainment centers, educational institutions, and even robotic performance arenas. These ideas, however, directly conflict with lease clauses restricting the premises strictly to department store uses.
- Lack of Operational Capability: The firms accuse Liu’s company of lacking a detailed business plan and an experienced management team. Cadillac Fairview’s Rory MacLeod, with decades of commercial real estate expertise, bluntly stated, “Her plan is doomed to fail, and ultimately these spaces will remain vacant.”
- Doubts Over Funding and Supply Chain: Liu has pledged to open 20 stores within 180 days, investing CAD 120 million in facility upgrades and CAD 135 million in initial inventory. The real estate firms argue this budget falls short even of basic maintenance costs — for example, Cadillac Fairview’s six malls alone require at least CAD 43.1 million in upkeep over the next decade. More critically, Liu’s supply chain documentation consists mostly of letters of intent rather than concrete purchase agreements.
- Potential Long-Term Damage: Ivanhoe Cambridge executive Ruby Paola warned, “If Liu’s plan collapses, it will severely damage mall foot traffic and reputation, with negative effects lasting years — potentially costing more than redevelopment itself.”
What’s Next?
Ruby Liu and Hudson’s Bay have until next Tuesday to respond to all allegations. The court case is expected to be heard by the end of August.
This high-stakes legal battle — pitting a prominent Chinese-Canadian billionaire against Canada’s biggest real estate firms — has rapidly become one of the country’s most closely watched business stories of 2025.
