A Chinese citizen who took out a $10 million loan in China and used the money to buy expensive real estate in Vancouver, British Columbia has defaulted on the loan. China CITIC Bank has filed a lawsuit in Canada trying to gain approval to seize the Vancouver owned assets which includes a $3.5 million home in Surrey. This case will set a precedent as it is the first case of intercontinental repossession for Canada and China. If CITIC is successful, brace yourself for more high end Vancouver real estate repossessions as China steps up its major crackdown on corruption in an effort to find Chinese citizens hiding "stolen assets" abroad.
Lake Okanagan Realty Ltd.
Tel: (250) 870-2792