Cent Tax: Canadian Press and Ross Marowits

cent tax: Frank Wu, vice-president of the China Real Estate Industry Association, said Chinese investors have told him that the 15 per cent tax is discouraging them from buying property in the city, according to The Toronto Star. It will impact their willingness to invest in Vancouver, Wu said Monday in an interview with The Canadian Press. By Ross Marowits The Canadian Press Mon., Oct. 17, 2016 MONTREAL—One of China top real estate moguls says his customers are troubled by British Columbia tax on foreigners purchasing homes in Vancouver and he intends to raise the matter with Prime Minister Justin Trudeau. Wu, who is also chairman of Central China Real Estate Ltd., is part of a Chinese delegation of billionaires touring Canada this week who want to strengthen economic ties between the two countries. The B.C. government implemented the tax in August in an effort to curb house prices that made Vancouver one of the hottest real estate markets in the world. He said he plans to discuss the tax with Trudeau when the group stops in Ottawa on Tuesday. (news.financializer.com). As reported in the news.