CIBT Education Group Inc. reported that one of its real estate investment projects, Global Education City® (Richmond) (Project), located in Richmond, BC received its Development Permit in November 2018 and began excavation and site preparation during December 2018. The approvals are based on a community development plan under which seven high rise towers are to be established in the city centre of Richmond, BC. Originally, Global Education City® (Richmond) was designed as a single office tower with two high rise residential rental towers totalling approximately 368,000 square feet. Due to the significant rental shortage in the Metro Vancouver region, the Project has experienced an increase in value. In addition to the rental housing crisis in Metro Vancouver, there are considerable market demands for affordable living options in the condominium space. The limited partnership that is acquiring the Project (the "LP") and the developer have reached an agreement to relinquish one of the two rental towers to the developer. The developer will convert one rental tower into market condominiums available for sale. In exchange for this arrangement, the purchase price for the Project's remaining office tower and one residential rental tower has been reduced by more than $32 million, from $218 million to $109 million which factored in a square footage reduction and a discount. The total rentable square footage of the Project has been reduced from 368,000 square feet to approximately 238,000 square feet. The total cost per rentable-square-foot ("RSF") including land, construction, soft-cost and finance fee has decreased to $459/RSF, down 23% from $592/RSF.