As the role of foreign money continues to take centre stage in conversations about Metro Vancouver’s real estate market, a Chinese bank is suing a man living in BC over an unpaid $10-million dollar loan.
In a petition filed in BC Supreme Court, China Citic Bank alleges Shibiao Yan didn’t properly disclose he and his wife had been living in Canada when he applied for the loan in June 2014, and had lied about managing a business and owning assets in China.
The suit claims the Bank took action after learning “Yan had fled china and was living in the Vancouver area,” in April of this year.
It turns out, Yan also owns several homes in Metro Vancouver with a combined value of $7.2-million dollars.
Three of his homes in Surrey total just over $5 million dollars.
Yan is also the registered owner of a $2.5 million dollar home in West Vancouver.
The documents claim Yan has mortgages with the Bank of Montreal and HSBC.
Court documents describe Yan as a citizen of China and a resident of BC
None of the allegations have been proven in court.
Originally posted on CKNW.com.