Condo shoppers often choose the city of Richmond because of its nature and beautiful water views.
The city is easily accessible from other cities, is close to USA border and has an airport nearby. Richmond is in high demand among home buyers because of its location. Greater Vancouver played a major role in Richmond economic growth. The assessed value on Jwas C$741,000.Richmond is located on an island and the Richmond municipality consists of 17 islands. He went on to conclude that the available evidence established "on a balance of probabilities" that Mary had always beneficially owned the property, and Prima was therefore entitled to an order for its sale to partially satisfy the penalties imposed against her.īuilt in 2009, the condo unit has two bedrooms and two bathrooms in 966 square feet of living space, according to BC Assessment. "Yunyu was not able to provide any information or explanation about the source of those funds … The obvious inference is that Yunyu does not know the source, because the source was Mary." "The fact that the funds were deposited that morning disproves Yunyu’s narrative that the down payment was comprised of funds that were always in her account," the judge wrote. Ross rejected Yunyu's arguments, noting that C$265,000 was deposited to the account on the day that the down payment on the condo was made. She also characterized the account as hers, not one that was held jointly. She told the court she had made one deposit into the account when she first opened it, and that she did not recall making any additional deposits after that.
RICHMOND BC STUDIO FOR SALE PLUS
This, plus the fact that Yunyu had signed a document transferring the property to Mary for C$1, strongly suggested that Mary held a beneficial interest in the property, even though the transfer was never finalized, according to the company.įor her part, Yunyu argued that the funds used to purchase the property were her own, not Mary's. The company brought its action against Yunyu, using bank records it obtained in Mary's bankruptcy proceeding to support its claim.Īs summarized in Ross' decision, Prima argued that the bank records showed Mary had paid off the mortgage on the property in 2011, and that the initial purchase was made in 2010 using funds from a joint account in both women's names.
Mary was not a party to the court proceeding. Prima Technology launched its court action in hopes of proving that the property was purchased using Mary's money, and therefore could be sold as part of the company's efforts to recover the amount she owes it. The title to the Richmond condo, a unit in a highrise at 8180 Lansdowne Rd., is registered to Yang's mother-in-law Yunyu Yang, according to the decision. However, the plaintiff notes that Mary has not voluntarily repaid any of the amounts awarded against her." "I am informed that the plaintiff has obtained orders for the sale of four properties in the Vancouver area. 16, 2016, the plaintiff has had some success in recovering the funds owed," Ross wrote. Including legal fees, interest and court costs, Yang and Zhu owe a total of more than US$11 million to the company, some of which has been paid back, wrote Justice Alan M. to have committed the fraud, according to the B.C. The pair are former employees of Prima Technology who were found by a civil jury in the U.S. The company sought the order for the sale of the condo as part of its efforts to recover the money from Jinzhe Yang – also known as Mary Yang – and her husband Samuel Zhu. The court petition that led to the decision came from Prima Technology, Inc., the Washington company that was defrauded. Supreme Court judge has ordered the sale of a Richmond condo after determining that it was acquired using funds from a US$7-million fraud committed in Washington State in 2007.
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