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


Locutus
#1
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
 
Danbones
#2
buy high
 
darkbeaver
#3
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
#4
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
+1
#5
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.
 
EagleSmack
#6
Yikes!

Canada's turn?
 
Tecumsehsbones
#7
Deadbeats gonna getbeat.
 
Remington1
+1
#8
Crime and laundering at it's best. It was fully allowed by the country, so why not hey!!
 
Corduroy
#9
Quote: Originally Posted by Dixie Cup View Post

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....

Out of control. Rents are skyrocketing and rental stock is diminishing.
 
Tecumsehsbones
#10
Quote: Originally Posted by Remington1 View Post

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

Laundering? By the Chinese?
 
captain morgan
+3
#11  Top Rated Post
Quote: Originally Posted by Corduroy View Post

Out of control. Rents are skyrocketing and rental stock is diminishing.

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

Quote: Originally Posted by Tecumsehsbones View Post

Laundering? By the Chinese?

These gags just write themselves.


 
Danbones
#12
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
+1
#13
Quote: Originally Posted by Danbones View Post

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.
 
petros
#14
Quote: Originally Posted by Corduroy View Post

Out of control. Rents are skyrocketing and rental stock is diminishing.

Bummer. I heard the squatters in Burnaby were finally arrested today.
 
darkbeaver
+1
#15
Quote: Originally Posted by Curious Cdn View Post

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.
 
taxslave
#16
Quote: Originally Posted by captain morgan View Post

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



These gags just write themselves.


Taxes i BC are really quite high. Especially in cities like Vancouver where they have lefty council.
 
captain morgan
#17
Quote: Originally Posted by taxslave View Post

Taxes i BC are really quite high. Especially in cities like Vancouver where they have lefty council.


I used to travel to Vancouver frequently. Hell, I lived there for some time but the costs today are crazy.

Honestly, you would need at least 200k to be able to live decently.
 
darkbeaver
#18
Quote: Originally Posted by taxslave View Post

Taxes i BC are really quite high. Especially in cities like Vancouver where they have lefty council.

Taxes i?????????????????????????? what could you possibly be trying to communicate to the assembeld masses?
 
mentalfloss
#19
Make Vanculo Great Again
 

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