Oct 22, 2016 | Volume 25| Number 42 Phone: 604-502-6100 | Fax: 604-501-6111 | Email: voicerealtyads@gmail.com
Chinese real estate billionaire says Vancouver customers troubled by B.C. tax MONTREAL -- One of China’s top real estate moguls says his customers are troubled by British Columbia’s tax on foreigners purchasing homes in Vancouver and he intends to raise the matter with Prime Minister Justin Trudeau. Frank Wu, vice-president of the China Real Estate Industry Association, said Chinese investors have told him that the 15 per cent tax is discouraging them from
buying property in the city. “It will impact their willingness to invest in Vancouver,” Wu said Monday in an interview with The Canadian Press. Wu, who is also chairman of Central China Real Estate Ltd., is part of a Chinese delegation of billionaires touring Canada this week who want to strengthen economic ties between the two countries. He said he plans to discuss the tax
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with Trudeau when the group stops in Ottawa on Tuesday. Wu said while he understands the provincial government’s motivation, he hopes the tax will be changed. A spokeswoman later said Wu isn’t calling for the tax to be eliminated, but said it should be more targeted. She did not elaborate. Wu said the tax will prompt many Chinese investors
to look to other parts of Canada, including Toronto and Montreal, along with English-speaking countries such as the United States, Australia and Britain. Despite the concerns of his customers, Wu said the tax won’t deter him from plans to invest more than $100 million over the next two to three years to build mainly residential properties in Canada for Chinese buyers.
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