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http://www.vancouversun.com/business/chinese+real+estate+bil...

This is a very strange article.

One of China's top real estate moguls says his customers are troubled by British Columbia's tax on foreigners purchasing homes in Vancouver and he intends to raise the matter with Prime Minister Justin Trudeau.

It is the BC Provincial Government that has imposed the tax - yet he thinks he should be speaking with Trudeau... ok.

Frank Wu, vice-president of the China Real Estate Industry Association, said Chinese investors have told him that the 15 per cent tax is discouraging them from buying property in the city.

Err; that is the point - to discourage foreign buyers of real-estate.

Wu said while he understands the provincial government's motivation, he hopes the tax will be changed. A spokeswoman later said Wu isn't calling for the tax to be eliminated, but said it should be more targeted. She did not elaborate.

More targeted at who? He says he represents foreign buyers of real-estate - how much more targeted can you get?

Even after the tax took effect, prices in Vancouver have continued to rise. Royal LePage said last week that the average house price in Greater Vancouver soared to $1.19 million in the three-month period that ended Sept. 30, up from $914,705 during the same quarter last year.

Using Year over Year metrics - yet the tax has only been in place for 2 months... why not report on what prices have done since the tax was in place?


Despite the concerns of his customers, Wu said the tax won't deter him from plans to invest more than $100 million over the next two to three years to build mainly residential properties in Canada for Chinese buyers.

So after all that reporting we find that in fact the tax won't have any effect on him...

tecmo
...
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