Skip to comments.$31.1-million Point Grey mansion owned by 'student'(Canada)
Posted on 05/13/2016 8:00:10 PM PDT by dynachrome
The majority owner of a Point Grey mansion that was sold earlier this year by Canaccord founder Peter Brown for a record $31.1 million is a student, property records show.
Land title documents list Tian Yu Zhou as having a 99-per-cent interest in the five-bedroom, eight-bathroom, 14,600 square-foot mansion on a 1.7-acre lot at 4833 Belmont Ave.
Zhous occupation is listed as a student. The other owner of the property, which boasts sweeping views of the North Shore mountains and Vancouver, is listed as Cuie Feng, a businesswoman.
Feng has a one-per-cent interest in the property, which was assessed this year as having a total value of about $25.6 million, records show.
Efforts to reach Zhou and Feng through the lawyer listed on the land title documents were not successful, and realtor Cherry Xu, who reportedly served as the buyers agent, did not want to comment on the sale, citing privacy considerations.
NDP housing critic David Eby said the fact that a student was able to buy one of the most expensive homes in the city contradicts the governments messaging that everything is under control in the Vancouver real estate market.
(Excerpt) Read more at theprovince.com ...
H/T to Zero Hedge
“Mortgage documents attached to the land title papers show that a mortgage of $9.9 million was taken out by Zhou and Feng from the Canadian Imperial Bank of Commerce on April 28. The bi-weekly payments are listed as $17,079.41.”
I’ll study what he’s studying.
I’ve obviously been the wrong kind of student at various times in my life. I don’t have a $31 million dollar mansion.
I don't understand the ruckus here. So, he's a trust-fund baby! So what? Since when is something fishy going on when the son of a multi-millionaire attends college, or purchases real-estate?
The issue is that wealthy Chinese offshore investors are buying up real estate at such a rate in British Columbia that it is distorting the housing market for both owners and renters and creating two major problems, one being a possible bubble in the near future, the other being a lack of affordable housing, and I’m not talking affordable for poor people, I mean affordable for anyone who actually lives and works in British Columbia. And our governments (provincial and municipal) are doing very little because the Chinese lobby has most of them bought and paid for.
This could become a problem in some parts of the U.S. soon especially if we bring in stronger laws.
It is a similar problem in San Francisco- San Jose Bay Area and Los Angeles- Orange County region. Also NYC in slightly different manner tons of foreign money pouring in and buying up 2/3 of houses on market - varies by neighborhood of course — vast majority of Americans priced out of the market
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