B.C. court ruling foreshadows a huge number of litigations & forced sales involving Chinese owners

B.C. court ruling foreshadows flood of litigation, forced sales involving Chinese home ownerships, lawyer says

A student who owned a multi-million dollar Vancouver home has won a B.C. Supreme Court judgment forcing the sale of up to four Vancouver properties, in a complex case that foreshadows a flood of sal

In 2016 Angela An-Chi Chang — who owned a home on the 3300-block West 14th Avenue according to legal filings — sued a person who allegedly failed to complete their purchase of Chang’s home. After a court battle, a judge has now ordered the sale of up to four properties owned by the defendant, in a ruling that could lead to further court battles between multiple bank and private lenders who already have mortgages secured by the defendant’s Vancouver real estate assets.B.C. court ruling foreshadows flood of litigation, forced sales involving Chinese home ownerships, lawyer says

“We are seeing these court actions because there are so many of these private arrangements, where people have to turn to others for financing,” Usher said. “Or, they might have debts coming due in another country.”

In June 2017, a B.C. Supreme Court judge ruled in Chang’s favour. The judge ordered Hua to pay Chang damages of $583,000, plus legal costs for the case. Chang was also given a mortgage against a Shaughnessy home on the 2000-block West 19th Ave owned by Hua to secure the judgment.

In a 2016 study, global anti-corruption agency Transparency International pointed to the rising use of opaque ownership structures in Vancouver real estate, including shell companies, legal trusts, and so-called nominee owners with occupations such as “student” and “housewife.” The study’s author, Adam Ross, said these occupations are unlikely to produce the income needed to buy a house in Metro Vancouver, which is why housewives and students are considered by some to be opaque buyers.

Vancouver to become new BC capital, government moving to Vancouver Art Gallery building

Vancouver will become the centre of both business and politics of British Columbia under a new scheme of historic proportions proposed by the BC NDP provincial government.

This means nearly all 14,000 bureaucrats that currently work on the southernmost tip of Vancouver Island will be working and living across the Strait of Georgia in Vancouver instead.

“This will be the dawn of a new era in the history of British Columbia,” Premier John Horgan said in a statement. “We are returning the capital to its rightful location in Metro Vancouver, and in the process of this Prosperity Leap we will be providing government with a new setting and location that allows it to be fully efficient and in synch with the business and financial core of our province.”B.C. court ruling foreshadows flood of litigation, forced sales involving Chinese home ownerships, lawyer says

Altogether, the new BC legislature will have a floor area of about 330,000 sq. ft., which includes 165,000 sq. ft. from the old courthouse building, 85,000 sq. ft. of new underground space below the North Plaza, and 80,000 sq. ft. of space within the existing UBC Robson Square campus.

The 50-foot-tall arching canopy was originally envisioned by the provincial government in 2008 – just in time for the 2010 Olympics.B.C. court ruling foreshadows flood of litigation, forced sales involving Chinese home ownerships, lawyer says

Economic boom expected in Vancouver

The influx of bureaucrats and government officials in Vancouver could add to the vibrance of downtown Vancouver, with restaurants, hotels, retail, and other service-based businesses standing to benefit from the increased activity of government business. Tourism also stands to benefit.

But not everyone in Metro Vancouver’s business sector will be happy if the plan receives approval. Transportation businesses – float planes, helicopters, and other small short-haul aircraft – that frequently shuttle government officials between the Island and the Lower Mainland could suffer greatly.

es and litigation in Vancouver’s wild market, a real estate lawyer says.

 

Leave a Reply

Your email address will not be published. Required fields are marked *