“I travel to Hong Kong a fair bit and whenever there is a corruption case in the news I almost reflexively look for a Vancouver real estate angle.”

Impossible to know how much these buyers have contributed to the bubble. All the stories confirm is that at least a few RE sales over the years have been related to ill gotten gains. -vreaa

chip at vancouvercondo.info 13 May 2010 11:41 pm “I travel to Hong Kong a fair bit and whenever there is a corruption case in the news I almost reflexively look for a Vancouver real estate angle. These are some I remember from the last few years:

1) Corrupt cop: “A covert police study obtained by The Asian Pacific Post shows that Hon and his family had bought at least 11 residential and commercial properties and established a dozen companies in Vancouver, including a restaurant on Robson Street.” [6 Feb 2008]

2) Corrupt banker: “Gao Shan has been alleged by China for embezzling $150m from a Bank of China’s small branch in Heilongjiang, where he was the branch manager. Apart from Gao, China believes his accomplice Li Dongzhe (李東哲) also lives in Vancouver. A national arrest warrant was issued against Gao in 2005. However, there was no “Red Notice” issued by the Interpol against Gao.” [11 Apr 2007]

3) More corrupt bankers: “Two Chinese nationals with connections to B.C. are on trial in Nevada this week, accused of bilking the Bank of China of $400 million and blowing it on everything from lavish Las Vegas gambling trips to houses in Richmond. … But U.S. prosecutors allege the trio also stashed some of their ill-gotten gains in Metro Vancouver real estate, specifically three $1-million homes on Udy Road and Mang Road in Richmond.”

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