tdma800 wrote:https://www.biv.com/article/2017/2/vancouver-repeat-home-sales-inch-upward-january/ hold on tight! we're making the hop to lightspeed! to the moon!
jimtan wrote:Economics is irrelevant?
Meanwhile, hot money still coming. More measures needed to keep Canada clean.
"Judges: CIBC bank supports clients who break China’s cash-export laws, to buy Vancouver homes
... According to barrister Christine Duhaime, an anti-money-laundering expert, the practice of co-ordinating multiple smaller depositors - sometimes, hundreds of them - in order to perform and conceal a larger deposit is known as “structuring”. Also useful in concealing the ultimate performer of a transaction, it’s a well-known money-laundering technique, though there is no suggestion in this case that Ms Xu was engaged in anything illegal under Canadian law. A cuter nickname for the practice is “smurfing” (those busy little depositors being the smurfs).
Duhaime said that in Canadian banking circles, the practice was “quite widespread for money moving from China to Vancouver”, at least among individuals if not companies. It is done to prevent the Chinese government becoming aware of the funds’ movement, or existence (sometimes, both)..."
Cash creates corruption.