Posted Jul 13, 2020, 5:22 PM
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Registered User
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Join Date: Feb 2009
Location: Vancouver
Posts: 22,277
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Quote:
Originally Posted by CivicBlues
Oh come on. This house and others like it on the ALR are all clearly owned by local East Indians and occupied by their huge extended families. Unless you think they are all foreign buyers too based on their ethnicity.
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Not surprisingly, you would be wrong.
In fact the subject house was featured a few years ago in a Globe & Mail article on ALR scams:
...The property is owned by Wenli Shan and Liqiu Leng, an investor couple from China, who paid $3.4-million for it six years ago. No one responded when The Globe attempted to reach them.
Mr. Fisher says he has been inside the opulent building and talked to the contractors. He describes it as essentially a private luxury hotel where, he was told, the businessman owner will send special guests.
"He can say to his clients all around the world, 'You want to come to Vancouver? Here is a place to stay.'"...
...Builders consulted by The Globe estimate that the facility next to Mr. Fisher's bee farm likely cost as much as $8-million to construct – which, added to the $3.4-million purchase price, would make the property worth an estimated $12-million. But the land's assessed value – excluding the mansion – is just $44,000. This year, the new building increased the tax bill to $11,000, but a property worth the same amount in an urban neighbourhood would pay five times that.
Back in July, a B.C. numbered company linked to a Hong Kong firm registered in the Cayman Islands snapped up a piece of vacant farmland in suburban Maple Ridge for $6-million – 33 times what the government pegs its value at. Five years ago, the same land sold for just $15,200.
The company has Tony Cai, son of a politically connected billionaire from China, as its director, and this year will pay about $5,300 in property tax, which includes a standard 50-per-cent break on school levies. By contrast, the tax bill for a residential property in the same municipality with the same market value would be roughly $77,000...
https://www.theglobeandmail.com/news...ticle32923810/
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Better than a lot of other posts in this thread IMO.
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