The recent ‘Richmond Review’ article about a ‘miffed’ Richmond seller who’s former property was immediately put on the market as a flip, stated:
“The company behind the deals, New Land Strategies Corp. [owned by Ze Yu Wu], 703-6081 No. 3 Rd., has upwards of 10 similar Richmond properties currently available.”
unicas at RE Talks has this to add 15 Feb 2011 9:28pm–
“I wanted to post about this guy before this article came out. And he is not alone. This is how he works. He has full page ads on cheap free Chinese newspaper that are mostly read by mainlanders. On this ads, there are about 10-12 properties, mostly in richmond, some in vancouverWest . He put specifics why these properties are good investment, including big lot, close to good school etc. On the ad, the guy offers $5K tips to lead about properties fitting into such specifications that someone wants to sell. He invites investors either to buy the properties at a certain price, or join him to build where investors are either guaranteed 20% return, or 50% profit. Investors will have 50% of title of the property. For each of such joint investment, the cash requirement is around $500K. Apparently some of those properties have been taken, he would put a taken flag on the ad, like realtors put sold sign.
There are other chinese groups doing the same thing. Only difference is percentage of payout to investors. And there are ready buyers for such houses. As I mentioned in another thread, most builders are asked about the houses they build in Richmond before completion.
Many parts of richmond is like construction site now, with many house being built. It is crazy, like gold rush.”