Businessman from China investing in Vancouver real estate ordered to repay millions

In what's being described as a landmark case, a businessman accused of disappearing from China, after withdrawing a loan there equivalent to $10 million and reappearing in Vancouver in possession of several multi-million dollar Lower Mainland properties, has been ordered to repay the money. In June 2016, lawyers for China CITIC Bank brought an application before a B.C. Supreme Court judge to freeze the assets of Shibiao Yan, who was accused of approving the withdrawal of a 50 million RMB line of credit extended to a company he controlled in China and never repaying it.

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