China meddling in Vancouver election to protect its billion dollar assets in the city

Vancouverites woke up on Saturday to the chilling news that People’s Republic of China was meddling in the city’s municipal election.

Vancouver Police Department announced an investigation into a vote buying scheme organized by a Chinese Communist Party (CCP) front group was underway1)https://thebreaker.news/news/wechat-wenzhou/. Canada Wenzhou Friendship, a group with ties to CCP United Front2)https://www.thestar.com/vancouver/2018/10/16/vancouver-society-at-centre-of-vote-buying-allegations-has-ties-to-chinese-government.html, was promoting Vision Vancouver, Vancouver 1st and Coalition Vancouver candidates.

Even more frighteningly, Vancouver’s leading mayoral candidate independent Kennedy Stewart had endorsed the Vision candidate at the centre of the scheme, under an agreement signed with Green, COPE and OneCity candidates3)https://twitter.com/kennedystewart/status/1051488043650015232.

The same groups ardently pushing to get these candidates elected are also mercilessly attacking my grassroots electoral organization ProVancouver. Their attacks especially harsh against our mayoral candidate David Chen, whose parents migrated here from Taiwan. They’ve also gone after me with a vengeance, because, like David, I have spoken out against the impact of global dirty money distorting our housing market and displacing our families.

Why is China so keen to take over a municipal government in Canada?

Beijing now owns billions of dollars worth of assets in Vancouver with the forcible takeover of the Anbang group last march4)https://vancouversun.com/business/local-business/billions-in-b-c-assets-caught-up-in-high-profile-chinese-fraud-case. This includes four major office towers and a chain of senior care facilities. The governing federal Liberals, former BC Liberals and outgoing Vision Vancouver all share the blame for doing nothing to protect such valuable assets falling into the hands of a foreign state.

It’s hardly surprising that the Chinese communist leadership would try to meddle in our municipal elections. President for life Xi Jinping and co. simply want to safeguard their economic interests. They want to install government at 12th and Cambie that protects their assets worth billions of dollars while promoting Chinese government interests over those of local taxpaying citizens.

Citizens of Vancouver do not need to accept Chinese Communist Party’s meddling in our democracy as a fait accompli. Citizens can stop this assault on our democracy by turning up in droves to the nearest voting place and casting your ballot for the group of candidates who have a proven track record of standing up for citizens against global dirty money interests.

I’m running for Vancouver City Council with ProVancouver to free Vancouver from global greed and make the City Hall work for citizens again. Please support me by voting for me and making sure you friends also vote for me. I’m the second from last on your ballot.

References   [ + ]

1. https://thebreaker.news/news/wechat-wenzhou/
2. https://www.thestar.com/vancouver/2018/10/16/vancouver-society-at-centre-of-vote-buying-allegations-has-ties-to-chinese-government.html
3. https://twitter.com/kennedystewart/status/1051488043650015232
4. https://vancouversun.com/business/local-business/billions-in-b-c-assets-caught-up-in-high-profile-chinese-fraud-case

How Vancouver condo offshore presales may be used to launder global dirty money

It’s incredibly easy for transnational criminals to use Vancouver condo offshore presales to launder their dirty money. It can be accomplished in just three steps:

Step 1: Buy a presale contract at an offshore sale using dirty money in the offshore currency and hold on to it for a couple of years
Step 2: Flip it to a Canadian buyer for double what you originally paid for it and get paid in Canadian dollars
Step 3: Pay the developer back and walk away with a clean million Canadian dollars instead of dirty offshore currency

We know for a fact that Westbank, Onni, Concord Pacific and other big developers market Vancouver condos offshore. In Westbank’s case, we know buyers from China are able to get a hold of a presale by putting a 10% down payment in the Chinese currency renminbi1)http://archive.is/oK32r.

We also know that many of these offshore presales are flipped to local buyers2)https://thinkpol.ca/2017/10/23/westbank-pre-sold-nearly-1-in-4-kensington-garden-condos-heavily-marketed-overseas-to-flippers/. The prices of these condos have sometimes doubled between the time they were sold in an offshore presales event and the time they’re flipped to locals close to completion.

Imagine the scenario where a transnational criminal who bought a Westbank offshore presale contract for RMB 700,000 (approximately CAD 130,000) in dirty money for a condo worth $1.3M in 2016.

The criminal could easily flip it for around $2.5M, given that condo prices have risen by 35% year-over-year since. After paying back the developer the $1.3 million, the criminal would be walking away with a clean million dollars Canadian. Like magic, a little bit of dirty offshore money has turned into a lot of clean Canadian money.

If it’s child’s play to launder money through presales, just how prevalent is it?

Only the real estate industry knows the answer and they don’t want us to find out. There’s no transparency whatsoever regarding offshore presales at the moment. The industry has a history of trying to silence anyone who dares to even offer a glimpse into the murky world of offshore presales3)https://www.huffingtonpost.ca/daniel-tencer/why-are-realtors-trying-to-stop-us-from-knowing-the-facts-on-housing_a_23293390/.

The provincial probe into dirty money in real estate is a major step forward. But it’s time for City of Vancouver to set up a Vancouver Police Department real estate crime unit. We need to thoroughly investigate offshore presales, and all other forms of questionable real estate practices that have turned our housing market into one giant laundromat for global dirty money.

Global dirty money being laundered in our real estate market is a major cause of the housing crisis that heaping misery on hundreds of thousands of our citizens. The sooner stop criminals washing their proceeds of crime in our housing market, the sooner we can make our city affordable to locals again.

I’m running for Vancouver City Council with ProVancouver to free Vancouver from global greed and make the City Hall work for citizens again. Please support me by voting for me and making sure you friends also vote for me. I’m the second from last on your ballot.

References   [ + ]

1. http://archive.is/oK32r
2. https://thinkpol.ca/2017/10/23/westbank-pre-sold-nearly-1-in-4-kensington-garden-condos-heavily-marketed-overseas-to-flippers/
3. https://www.huffingtonpost.ca/daniel-tencer/why-are-realtors-trying-to-stop-us-from-knowing-the-facts-on-housing_a_23293390/