The Crackdown Begins: Chinese Bank Sues To Seize Vancouver Real Estate Assets

Locutus

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Jun 18, 2007
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From the very beginning of Vancouver's housing boom episode courtesy of an invasion of shady Chinese hot-money laundering home buyers, which has now officially driven the average list price of Vancouver single homes above $4 million...

Vancouver Market ‏@vancouvermrkt

For the first time ever, the average list price of a single family house in the City of Vancouver is now over $4,000,000.

... we have wondered how long before the Chinese government and financial institutions, if not Canada's local authorities which apparently have no problem with a soaring housing bubble in their midst, finally crack down on these flagrant violators of China's capital controls, whose children have been so openly flaunting their parent's illicit wealth as reported in "My Daddy’s Rich And My Lamborghini’s Good-Looking": Meet The Rich Chinese Kids Of Vancouver."


We now have the answer.

According to the Globe and Mail, China CITIC Bank has filed a lawsuit in Canada to try to seize the assets of a Chinese citizen the bank claims took out a $10 million loan in China then fled to Canada.

In a first of its kind attempt at intercontinental repossession, the bank is looking to seize numerous Vancouver-area homes, valued at at least $7.3-million, along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on Friday.

mo

The Crackdown Begins: Chinese Bank Sues To Seize Vancouver Real Estate Assets | Zero Hedge
 

darkbeaver

the universe is electric
Jan 26, 2006
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My son lives out there and he has just this past week decided to move back to this east coast because of that housing cost. Of course he has a univercity education and even with that advantage failed to see the thirty foot high writing on the wall.
 

Dixie Cup

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Sep 16, 2006
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It's about time isn't it. Unfortunately, it s too late for some of those who would have liked to own their own homes and I m wondering what their rents are out there....
 

darkbeaver

the universe is electric
Jan 26, 2006
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They must be very high because my sons coming home bankrupt. He could have built here with sweat equity for next to nothing.On the sunny side I think he's completed his eductaion.
 

Remington1

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Jan 30, 2016
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Crime and laundering at it's best. It was fully allowed by the country, so why not hey!!
 

captain morgan

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Mar 28, 2009
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Out of control. Rents are skyrocketing and rental stock is diminishing.

Yabut, at least the taxes in BC are low... That's worth something

Laundering? By the Chinese?

These gags just write themselves.


 

Danbones

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Sep 23, 2015
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we got your money
now go home

they are jealous in Toronto
Its money lawndering:
there they are moneying their lawns green with paint
 

Curious Cdn

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Feb 22, 2015
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we got your money
now go home

they are jealous in Toronto
Its money lawndering:
there they are moneying their lawns green with paint

The same people operate exactly the same way in Toronto and the big surrounding region as they do in Vancouver. None of this is not a Vancouver-only problem.
 

darkbeaver

the universe is electric
Jan 26, 2006
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The same people operate exactly the same way in Toronto and the big surrounding region as they do in Vancouver. None of this is not a Vancouver-only problem.

Excuse me sir but isn't that a forbidden double negative?
It seems by reading that it is all a Vancouver only problem. If I were you I would revise that before someone catches it and the substantial reward for capture. I could be wrong of course.