Agent, HK cash vanish

THE Canadian Government has suspended the licences of a real estate firm specialising in the sale of property to Hong Kong and Taiwanese immigrants, after the director disappeared with deposits made on Vancouver houses.

Wayne Chan, a director of Aeon Realty, has ''disappeared'' and so has ''a large amount of money'' from the company's trust account, government officials said.

A raid on Aeon Realty offices last week put 93 property agents out of business.

Government officials said Mr Chan, a Hong Kong immigrant who had lived in Vancouver for more than 20 years and who was well-known in the Canadian Chinese community, could have fled to the territory.

British Columbia Finance Ministry Manager, John Cook said: ''It has been suggested to us that he may be in Hong Kong but we have no confirmation of that. We'd certainly like to speak with him though.'' With average deposits on houses of at least $60,000, the amount of money missing is estimated to be between $2.16 million and $6 million.

''It's too early to tell exactly how much money is missing, but it seems most of the clients involved in this have Chinese names,'' said Mr Cook, adding deposits from more than 35 families were at risk.