Nelson on the Park | Concept/Proposal

[Migrant_Coconut]

It's not just Vancouver either. Australia, Hong Kong, Singapore, every country that's receiving an influx of PRC money in their economy is cracking down on foreign ownership... except us.

[csbvan]

^^ which will do what? Divert more money to softest regulated market- Canada.

[trofirhen]

Originally Posted by Migrant_Coconut

It's not just Vancouver either. Australia, Hong Kong, Singapore, every country that's receiving an influx of PRC money in their economy is cracking down on foreign ownership... except us.

Originally Posted by csbvan

^^ which will do what? Divert more money to softest regulated market- Canada.

ALL of which begs the obvious question: WHY are we not toughening up our laws, too? (No doubt there's a smart answer to that one ..... or is there)?

[s211]

Originally Posted by trofirhen

ALL of which begs the obvious question: WHY are we not toughening up our laws, too? (No doubt there's a smart answer to that one ..... or is there)?

Considering how much the province has tied its future to Asia-Pacific trade, I'm guessing no-one has the stones to stop the golden goose from crapping on our home territory.

[Metro-One]

Asia-Pacific trade is far more than just China. All these other nations that have mustered up the balls to create regulations / restrictions on this poisonous influx are also just as heavily connected to China, but they all seem to be doing okay (if not better). My Aussie friends here (including Asian-Aussies) have informed me several times on how they have offset this problem recently with new regulations.

IMO, the biggest problem is whenever someone mentions money coming in from China as a problem the PC police come out in full force in all of their blind idiocy towards the topic and make it a racial issue... ugh...

And these days being called a racist (whether true or not) is the equivalent of being called a which during the which hunts, and no one wants that!

[trofirhen]

Originally Posted by s211

Considering how much the province has tied its future to Asia-Pacific trade, I'm guessing no-one has the stones to stop the golden goose from crapping on our home territory.

Yeah, they're a pretty "stone-less" bunch, when it comes right down to it. They'd sell their own mother if the price was right.

Originally Posted by Metro-One

Asia-Pacific trade is far more than just China. All these other nations that have mustered up the balls to create regulations / restrictions on this poisonous influx are also just as heavily connected to China, but they all seem to be doing okay (if not better). My Aussie friends here (including Asian-Aussies) have informed me several times on how they have offset this problem recently with new regulations.

IMO, the biggest problem is whenever someone mentions money coming in from China as a problem the PC police come out in full force in all of their blind idiocy towards the topic and make it a racial issue... ugh...

And these days being called a racist (whether true or not) is the equivalent of being called a which during the which hunts, and no one wants that!

Yes, in today's Politically Correct climate, being called a racist is almost as bad as being called a pedophile. People cringe and shy away from that one: to OUR OWN disadvantage. (Vancouver's, that is)

[Migrant_Coconut]

Originally Posted by s211

Considering how much the province has tied its future to Asia-Pacific trade, I'm guessing no-one has the stones to stop the golden goose from crapping on our home territory.

In City Council's defence, they don't stop regular geese from crapping all over either

[djmk]

A $68M sale triggers large taxable events for the governments. No way they will jeopardize this source of revenue. Chinese money is here to stay

[whatnext]

Originally Posted by bb1510

The property was assessed at 16.5 million based on CURRENT zoning, not based on POTENTIAL zoning.

Ultimately, the market price isn't based on what BC Assessment slaps onto a property, it's what purchasers are willing to pay; there is potential of a ten fold increase in FSR in rezoning.

Also, people are always stating how foreign Chinese are purchasing properties, building speculatively, and flipping. Let me tell you that the majority of individuals who are actually doing so are actually locals.

Purchasing all cash? Yeah many people even though they don't have enough purchasing power outright take a private loan then convert to traditional financing after closing; sellers aren't willing to look at offers with subjects.

I'll just say that having attended one of the top private schools in this city and with people saying that locals cannot afford and condone such real estate activity, this is completely false. The "non-asians", caucasians, and locals are just as rampant in terms of what everyone is blaming Chinese non-residents are doing; they are just purchasing to develop, flip, and assign as such. In fact, the amount from locals is much greater, granted locals do include immigrants from many years ago.

Also, when people say the Chinese are purchasing everything, most of them are locals who have immigrated for numerous years. Take Trump for example, 70% of the tower was sold to locals.

Bullsh!t

You might have been able to pull that line off five years ago, nobody's buying that anymore. The fact that the Walls, who have been active in Vancouver for a very longtime, saw no opportunity holding and building on the site speaks volumes.

[whatnext]

Originally Posted by Klazu

I hope they didn't evict anyone living in those building. Otherwise squatters might move seen quickly. Only in Vancouver.

It's still shame about the turn of events, as the proposal was beautiful.

IMHO you can stop with "I hope they didn't evict anyone living in those buildings."

Those were people's homes and probably quite affordable. Now they are just pawns in a real estate game

[wrenegade]

Originally Posted by whatnext

Bullsh!t

You might have been able to pull that line off five years ago, nobody's buying that anymore. The fact that the Walls, who have been active in Vancouver for a very longtime, saw no opportunity holding and building on the site speaks volumes.

Wall probably saw how much money he could make on the site by just flipping it and thought it wasn't worth the time/effort building it. He'll undoubtedly use the proceeds in some other land deal/development where he can add more value by actually building it. Can't blame him for doing it. Wall has been developing for years and will continue to do so.

Personally, I wasn't crazy about the design/proposal, but look forward to see whether or not the new owners try the same thing or something different.

[Klazu]

Originally Posted by whatnext

Those were people's homes and probably quite affordable. Now they are just pawns in a real estate game

What I was trying to understand is if those buildings are now sitting empty? Did the people living in those have to move out with the sell of the land?

Originally Posted by wrenegade

Wall has been developing for years and will continue to do so.

It's just shame that they are giving up all their lots in Downtown and concentrating on building in the suburbs. With them selling this lot and the one in Coal Harbour, do they have any projects remaining in Downtown? They have been building many quality projects that look extra-ordinary (even when not let to use the glass they wanted), so it's a loss for Downtown.

[Klazu]

I think this case speaks volumes about what the priorities for the City Hall are. They don't care about regular working people living in this city and all they care about are property and sales taxes.

Me and my wife make a good living and pay significant taxes. While we could still afford to live in the city, it is getting very hard to see it being worth paying a ridiculous premium (rent) for that, so we are strongly considering leaving Vancouver for the neighboring cities. It seems that Mayor Robertson's plan is to run his empty city with just property taxes and without people living there.

[bb1510]

While there would've still been additional money for the Walls to develop the property, flipping it would require little to no additional capital for such a profit.

I do feel for Chris Doray though. It's not his first tower in Vancouver to be shelved; he also designed the Bing Thom Hotel Georgia Crystal.

[Jebby]

Originally Posted by Migrant_Coconut

It's not just Vancouver either. Australia, Hong Kong, Singapore, every country that's receiving an influx of PRC money in their economy is cracking down on foreign ownership... except us.

Thank God for that. This type of protectionism is short-sighted and economically harmful.

Not to mention the moral aspect of it. What right does the government have to tell me who I can and cannot sell my private property to?

[whatnext]

Originally Posted by Jebby

Thank God for that. This type of protectionism is short-sighted and economically harmful.

Not to mention the moral aspect of it. What right does the government have to tell me who I can and cannot sell my private property to?

The government can and does tell you all kinds of things about what you can and cannot do with your property.

There is no morality in letting millionaires in dictatorships and banana republics pollute the environment, exploit workers and then stash their money in a foreign country.

[trofirhen]

Originally Posted by whatnext

The government can and does tell you all kinds of things about what you can and cannot do with your property.

There is no morality in letting millionaires in dictatorships and banana republics pollute the environment, exploit workers and then stash their money in a foreign country.

From a purely mercenary standpoint, you'll get a lot of flack on that$$$$
.... But from an ethical standpoint, and in moral principle, I think you're right on.
Unfortunately, money wins over ethics nearly 100% of the time.

[csbvan]

Originally Posted by Jebby

Thank God for that. This type of protectionism is short-sighted and economically harmful.

Not to mention the moral aspect of it. What right does the government have to tell me who I can and cannot sell my private property to?

Money laundering is illegal. The government has every right to prevent its citizens from engaging in transactions involving laundered money.

[retro_orange]

Originally Posted by bb1510

The property was assessed at 16.5 million based on CURRENT zoning, not based on POTENTIAL zoning.

Also, people are always stating how foreign Chinese are purchasing properties, building speculatively, and flipping. Let me tell you that the majority of individuals who are actually doing so are actually locals.

Also, when people say the Chinese are purchasing everything, most of them are locals who have immigrated for numerous years. Take Trump for example, 70% of the tower was sold to locals.

uh you are completely forgetting that many so called locals have become locals quite recently because they have taken advantage of the immigration by foreign investment scheme. while their initial investment that was mandatory by the government wouldn't have much impact, once they live here legally they find new ways of bringing in more money through other local ventures and businesses they set up which most often have a broken paper trail of how the money got here which makes it hard to prove anything. look it up please.

Another thing is "potential zoning" is entirely speculative and driven by market conditions heavily influenced by developers.

[bb1510]

Originally Posted by retro_orange

uh you are completely forgetting that many so called locals have become locals quite recently because they have taken advantage of the immigration by foreign investment scheme. while their initial investment that was mandatory by the government wouldn't have much impact, once they live here legally they find new ways of bringing in more money through other local ventures and businesses they set up which most often have a broken paper trail of how the money got here which makes it hard to prove anything. look it up please.

Another thing is "potential zoning" is entirely speculative and driven by market conditions heavily influenced by developers.

Let's just say at the events with Trump, I have spoken to the majority of purchasers and for those who were immigrants, most of them have been here 10+ years, well versed in English, and were looking for a secondary residence or as an investment. I wouldn't call them newly immigrated and they definitely don't fit the usual stigma of new immigrants nor do they have such an aura when around them. Completely different set of clientele they were going after.

I think it's completely unfair to label and stereotype all immigrants or foreigners who have means to purchase here as money launderers or individuals who send their money here illicitly, not all immigrants of asian decent who have such purchasing power are here to launder money nor sending money here by illicit means.