Thursday, February 25, 2016

Real Estate In Lotusland: A Trillion Here, A Trillion There...

...And Pretty Soon You're Talking Real Money.

Not to mention juice.

And party 'connections'.

Ian Young of the SCMP has the story:

Anbang Insurance, the privately owned Chinese firm that was last week reported to have made one of Vancouver’s most significant real estate purchases in years, boasts global ambitions and astonishingly deep pockets...


...The Vancouver Sun and Financial Post last week reported that Anbang had bought a two-thirds stake in all four towers of downtown Vancouver’s Bentall Centre, held by Ivanhoe Cambridge, in a deal that valued the entire property at C$1 billion.

The Sun reported that Maple Tree Financial, a Vancouver-registered firm associated with Anbang, was making the Bentall purchase. Maple Tree Financial did not respond to the SCMP’s requests for comment...


...Caixin (Media) continued to pursue the Anbang story, and a month later reported on the firm’s incredible growth in just over a decade, to the point that it held assets worth 1 trillion yuan...


If we had a decent way of dealing with this from an offshore buyer taxation PoV how many bus passes, not to mention group homes, for the adult disabled, could this wee little transaction have funded?

And just where is 'CondoHype' when we need him/her anyway?


1 comment:

James King, Victoria said...

I know you're busy....and the number of recent posts about really important stuff reflects that Ross...but, if you get a chance to pick up a copy of the New Yorker (Feb 22 cover) have a look at the article by Jiayang Fan on p. 30. It's called the 'Golden Generation' and it's well worth a moment's attention. I think you can access it online if there's no copy in your dentist's office!