18 Nov 2010

Olympic developer goes into receivership

6:45 pm on 18 November 2010

The developer of the main athletes village for the Vancouver Winter Olympics has gone into receivership amid continued weak post-Games sales of the project as luxury housing.

The legal move gives the city of Vancouver, which had to bail out the private developer's finances two years ago, complete control of the $1.25 billion project that has been praised for its environmentally friendly design.

The announcement came just hours after the Vancouver Organizing Committee said it was confident its final budget for the 2010 Games released in December will show it ended without a debt.

The 2010 Games also had a village built near the ski resort community of Whistler.

That project was designed to be affordable housing after the event and has largely avoided financial problems.