Chinese billionaire to tell PM that Vancouver sales tax is wrong

The 15 per cent tax on foreign buyers of Vancouver homes should be changed to be more targeted, a Chinese billionaire will tell the prime minister Tuesday.

Frank Wu, vice-chair of the China Real Estate Industry Association plans to discuss the tax with Justin Trudeau during a visit to Ottawa. Wu says that the tax is discouraging Chinese investors from the market and may mean them re-focusing on other cities or outside Canada.

Wu is planning to invest $100 million in Canada over the coming years, building homes for mainly Chinese buyers.

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