China’s CITIC Bank tries to seize luxury homes in Vancouver, saying buyer fled mainland with illicit cash

China CITIC Bank Corp has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multi-million dollar loan in China then fled to Canada, the lender’s Vancouver-based lawyer said on Monday.

The bank is looking to seize numerous Vancouver-area homes, valued at some C$7.3 million (US$5.58 million), along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on June 24.

The defendant, Yan Shibiao, owns three multi-million dollar properties in a Vancouver suburb and resides in a luxury C$3 million Vancouver-area home owned by his wife, according to court documents.

China is in the midst of a massive corruption crackdown and has stepped up efforts to find fugitives it says are hiding stolen assets abroad. The lawsuit comes amid a debate about the role foreign money, particularly from China, has played in Vancouver’s property boom.

“The person involved left China with a large debt owed,” said Christine Duhaime, a lawyer who represents China CITIC Bank in the case, adding that she is not aware of any criminal charges against the man.