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Cheung said the market’s closure will leave roughly 1,000 people employed by his company out of work, including security and ticketing staff as well as crews who set up stages and booths.

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A vendor at Richmond Night Market in 2024. Photo by Richmond Night Market /Handout

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The site where the market operates, which includes Duck Island and several nearby West Road properties, has been caught up in several foreclosure proceedings involving companies tied to Jingon International Development Group’s proposed development. The largest case involves an $85 million loan. Court records show the developer defaulted on the loan, and a B.C. Supreme Court judge has allowed the property to be listed for sale through a court-supervised process being carried out by Colliers International.

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The properties are listed for sale at a combined asking price of $127.7 million, according to an online listing. In July, one of the West Road properties was sold for $12.5 million.

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“We were looking forward to extending the lease,” Cheung said, adding that the foreclosure proceedings changed the situation.

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In an emailed statement, the City of Richmond acknowledged the loss of the night market, saying it “hopes to see it continue to thrive in Richmond, whether at its current site or elsewhere.”

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While the city said this week it is willing to work with Cheung to try to find a new location, the owner said re-creating the event would require more than simply securing an empty site.

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“To start again to build something of this scale would be very difficult in the current economy,” he said, pointing to rising operating costs, licensing requirements, site layout, traffic planning, and finding a property large enough to accommodate the event.

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While the market has operated for about 70 days each year, from May to Thanksgiving, Cheung said his company has to pay rent year-round for the site — roughly $65,000 a month.

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“Unless you have a very long-term lease, from an investment point of view, it’s very difficult,” he added.

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Raymond Cheung said the market’s closure will leave roughly 1,000 people employed by his company out of work. Photo by RICHARD LAM /PNG

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Richmond’s Chamber of Commerce said the market’s closure marks the end of an important chapter in the city’s tourism industry.

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“It’s really heartbreaking to hear that 2026 will be the final year of the Richmond Night Market,” said president Shaena Furlong.

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Furlong said the market has become a destination for visitors across Metro Vancouver and from around the world, while giving local entrepreneurs a platform to showcase their businesses and help put Richmond’s Asian food scene on the map.

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“The night market leaves behind an amazing legacy, and I think everyone who has been part of it over the years should be very proud of what they’ve built,” she added.

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Last week, several Richmond mayoral candidates and city councillors publicly pledged to help save the seasonal attraction if elected. Proposed solutions range from removing licensing red tape to exploring public property options.

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For now, Cheung is encouraging people to experience the night market before it closes in six weeks.

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“Who could have imagined it would have lasted all this time?” Cheung said. “It’s something of a miracle.”

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The market’s last scheduled day of operations is Sunday, Sept. 20.

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