Chinese billionaire to tell PM that Vancouver sales tax is wrong

Chinese billionaire to tell PM that Vancouver sales tax is wrong

Chinese billionaire to tell PM that Vancouver sales tax is wrong

The 15 per cent tax on foreign buyers of Vancouver homes should be changed to be more targeted, a Chinese billionaire will tell the prime minister Tuesday.

Frank Wu, vice-chair of the China Real Estate Industry Association plans to discuss the tax with Justin Trudeau during a visit to Ottawa. Wu says that the tax is discouraging Chinese investors from the market and may mean them re-focusing on other cities or outside Canada.

Wu is planning to invest $100 million in Canada over the coming years, building homes for mainly Chinese buyers.


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