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someguyfromcanada · 3212 days ago · link · · parent · post: Without affordable housing, Vancouver risks becoming an economic ghost town
The Chinese money suspicion is an absolute fact. As an anecdote, my cousin-in-law's off-shore family has bought at least a dozen multi-million dollar homes that I know of that they may have visited once. At least they pay for the up-keep though as many do not. The same day you posted about the Venice house I read this article about a Chinese couple that bought 2 houses for $10 million in 2010, have never even visited and they are just sitting rotting. Apparently about 15% of condos are sitting empty as well. And then there is the seperate issue of people buying newly renovated properties for $6 mill and demolishing them. That is my Uncle's old house and is beautiful as is.