“Check-out clerk at Safeway told me that she was a mortgage broker who had just done a deal by telephone with a guy from Shanghai who had bought a house in Richmond.”

“Vancouver moment today. Check-out clerk at Safeway in Vancouver was talking to a co-worker about her phone call from Shanghai. I asked what was she doing, and she told me that she was a mortgage broker who had just done a deal with a guy from Shanghai who had bought a house for his aged parents to come over and live in Richmond.You can’t make this stuff up!!!!”
– Westsider at greaterfool.ca 16 Apr 2012 10:42pm

17 responses to ““Check-out clerk at Safeway told me that she was a mortgage broker who had just done a deal by telephone with a guy from Shanghai who had bought a house in Richmond.”

  1. Checkout clerk / mortgage broker. Vancouver is doomed.

  2. advice from anonymous bloggers. Vancouver is doomed.

  3. …”had just done a deal by telephone with a guy from Shanghai “…

    Ah. So that’s how it really works. Silly me. I’d always thought you had to whisper your YVR RE instructions to the croupier @ Wynn’s Macau…

    Your Quote ‘O TheDay….

    “[Anti-corruption] policies rely on severe punishment – we say we executed one and deterred 100. But this policy has not worked well.” – He Jiahong, Anti-Corruption Investigations Scholar, Renmin University

    [UK Guardian] – Bo Xilai case shines light on corruption in China: Political scandal over death of Neil Heywood draws attention to how Chinese officials make – and spend – ill-gotten fortunes

    …”Corrupt officials smuggled 800bn yuan (£80bn) out of the country and around 17,000 people fled abroad between the mid-1990s and 2008, according to a report that China’s central bank released last year, apparently unintentionally…

    …But last week a pointed article in the official party newspaper, the People’s Daily, said corrupt officials had been secretly using children, wives, friends and even mistresses to move and hide illicitly obtained wealth overseas. Investigators are also said to believe that Gu killed Heywood because he threatened to expose her overseas investments.

    Corruption concerns have increasingly focused on “naked officials” who send their spouses and children overseas – usually followed, say critics, by sizable fortunes.

    Strict capital controls of $50,000 (£30,000) a year per person have done little to prevent the flow of cash.

    The railway ministry’s former chief engineer Zhang Shuguang, who is still under investigation, stashed $2.8bn of assets in the US and Switzerland, according to the state broadcaster. Other reports said the assets included a spacious Los Angeles property bought for $825,000 at a time when Zhang, then a much lower ranking figure, was earning just 2,200 yuan ($350) a month…

    Another popular avenue for money-laundering has been Macau’s casinos. Because of currency controls, junket operators allow mainlanders to put down renminbi on the mainland and then advance them credit in Macau – often a figure many times the original deposit.

    Winnings can be paid out in Hong Kong dollars and funnelled to another location, though sometimes officials get carried away: Ma Xiangdong, deputy mayor of Shenyang, reportedly gambled away $4.8m of embezzled funds in Macau before he was brought down. Ma was executed but such tough penalties have done little to deter cadres. “People with vested interests have no fear,” said Ma’s former secretary Wang Xiaofang, now a novelist who writes about official intrigues…”…

    http://tinyurl.com/7uvgjxj

    • It’s bizarre seeing the stuff printed in blogs for years suddenly pop up in the press.

      • That’s always the way it is, isn’t it?
        What the fringe/outsiders notice early takes a long time to be realized by the mainstream.
        Some argue this is the role of artists; early warning system for humans.

      • It would be interesting to know how much of the ill gotten gains and corrupt money has been laundered through Vancouver’s property market. This also leaves the suggestion open that little of the wealth would be repatriated back home. In other words, the speckers from China will take their lumps along with everyone else in a falling market which will tend to slow the decline since they won’t be in any mood to sell off houses anytime soon.

    • Apparently, Bo-xilai is considered a small fish in terms of corruption winfall when compared to the father-son pair, Zeng qinghong & son Zeng wei.
      Lurid transaction details of Zhou yongkang – communist red emperor, and son Zhou bin, not for the sensitive readers:-
      http://www.chariweb.com/2012/04/baidu-hottest-zhou-yongkangs-son-zhou.html

  4. theblackboxproject

    Great shoeshine boy moment.

  5. taking advise from a priced-out people and renters, you are doomed big time. it has been proven many times.

  6. It has been hard to find workers willing to work for minimum wage to >$12/hr, and they are mostly students and international students – understandably the need to haul in more foreign & international student labors, whatever. A couple that I hired briefly, mentioned that a job would help them with a mortgage loan. Don’t know how that worked for them.

  7. Interesting and shocking post Vreaa! Good reality check. Do you know popular websites in China for posting these BC properties?

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