Saturday, January 30, 2016

Vancouver Real Estate...Cause And Effect?


The effect, as mapped by Andy Yan of Bing Thom Architects:

A cause(?), as laid out by Sam Cooper and Dan Fumano of The Province (go read it all):

In late December 2014 Vancouver realtor Liang Ming Wei walked into the frenetic dining hall of Floata in Chinatown.

With hundreds of diners and waiters racing around with steaming plates of dim sum, the Keefer Street restaurant was perfect for an obscure transfer.

Wei had arranged for three million yuan to be deposited in a Chinese bank and transferred to a Richmond currency exchange. Exchange owner Tony Xu called Wei and told the realtor his client’s cash had arrived and it was converted to $521,470 Canadian.

It was 10 times the legal amount individuals are allowed to transfer from China. And it was 50 times over the $10,000 limit that must be reported under Canada’s anti-money-laundering laws...

So, what do you think our fine Premier and her wizards will come up with as a 'top priority' on this file in their upcoming budget (and don't forget that Ms. Taylor will be in the room when the sausage is made this time)?



e.a.f. said...

one of the t.v. stations did a "story" on B.C. Lieberals and their personal gains in real estate. It was suggested it might be the reason the photo op queen wasn't willing to do anything about rising costs of housing. My opinion is the article was to deflect the public's interest from the real reason Christy and her cabal aren't interested in doing anything. All their friends who are developers or in the housing business are making a lot of money. when they make a lot of money they make a lot of contributions to the B.C. Lieberals.

Now we see there could be another reason Christy and the cabal isn't interested in doing anything about the rise in realestate prices. Criminal activity and lord knows, if we have one thing in B.C., its a lot of crime. Crime is profitable. Crime has a lot of spin offs financially. I'd suggest if one looks at how Christy has thrown around our tax dollars, its criminal so why not turn a blind eye to those who launder money in our realestate market. A lot of people are making a lot of money and perhaps she doesn't want to upset any of that.

The B.C. Lieberals haven't been that interested in the illegal activities going on in casinos, such as loan sharking and money laundering, so why would they care about using the realeste market to launder money.

There has been endless gang warfare in B.C. and yet the provincial government hasn't really done anything to curtail it. I do believe they even cut back on some police units involved in fighting it. Doesn't make sense to me, but hey, it the B.C. Lieberals who seem a little weak in the moral compass department.
Several articles in England have discussed the Russian mafia laundering their money in the British realestate market. Their politicians didn't do much about that.

The rise in the price of houses works for a lot of people, just not the average working person, who can't afford a home. Given what goes on in this province I think it not unreasonable to conclude there is money laundering going on in the housing market and the B.C. Lieberals aren't going to do anything about it.

it was an interesting article, that's for sure. Now I'd like to see the various agencies do something because according to the article, no one except the one agency is doing anything. One of these days this province is going to wake up and find it it is owned lock stock and barrel by foreign criminals. The Guardian was running some articles again about Malysian politicians, Switzerland, and oil and gas companies, you know the type, where Malaysian politicians have $600 million in Swiss bank accounts, etc. So you do have to wonder what is in the bank accounts of B.C. politicians besides their salaries.

JasonS said...

I think one of the main reasons they are leery of doing anything is by every standard the people of BC have done terribly under this government except one, the value of their homes. We are poorer as a province under almost every benchmark except one and if that goes people might actually snap out of their stupor and take a look at what the Neo-Liberal party of BC has actually been up to.

Hugh said...

Negative interest rates could someday mean that you would get paid to take out a mortgage. Gotta keep that bubble from popping somehow.

Anonymous said...

Of course its organized crime, has been for at least the past 30 years. It would seem that the federal government has turned a blind eye to an obvious method of money laundering in both casino,s and real estate. The reigning political party does not want to " cool" the real estate boom here, for obvious reasons. Linkage and connections to the real estate industry, foreign banks, foreign criminal organizations, political figures and perhaps a political party, as well as the home grown organized crime group(s), would have to be investigated and prosecuted. An ominous task indeed.
As for the BC party involved...why rock the boat, we're doing well thank you.
This has economic subversion by foreign organized crime, as well as industry and political corruption all over it.
Where are the Fintrac and Anti-Corruption units of our so called federal police force.
Its not like you have not known this has been a crime in progress, for quite some time.

Anonymous said...

Just the other night on 60 Minutes.
I'm sure it stretches beyond the US border. Canada? BC?
And one of the comments made to help in getting rid of this is that every company, numbered, whatever, MUST HAVE A NAME attached to it. A number company has an owner. That would be a start imo.