Background: The case revolved around the enforceability of an agreement concerning property transfer within a land assembly project

Legal Issues: Key issues included the validity of the contract, appropriateness of specific performance as a remedy, and the implications of subsequent encumbrances by the defendants which potentially altered the agreed terms.

Held:

• The agreement between AK (007) GP Management Ltd., AK 007 Limited Partnership, and defendants Wang Dong, Ai Kang Yi Yuan Enterprises Corp., and 1072709 B.C. Ltd. was found binding and enforceable.
• The court ruled specific performance as the remedy, requiring the transfer of property integral to the land assembly project.
• Concerns were raised about the altered state of the corporate vehicle (107 Co.), initially intended solely to facilitate the property transfer, now encumbered with additional debts and liabilities.
• The court applied equitable principles to modify the method of property transfer, addressing the changed conditions and encumbrances without transferring unintended liabilities.
• The court directed a property transfer of Lot 15 directly to the partnership, bypassing the complexities introduced by the share transfer of 107 Co.

Costs:

• Costs of the hearing were ordered in the cause, favoring AK (007) GP Management Ltd. and AK 007 Limited Partnership, as the successful parties. The total amount of costs or award was not specified in the document provided.