Evergrande Faces Final Chance to Avoid Liquidation by HK Court
Two years after its default marked a key moment in China’s property crisis, the world’s most indebted developer may be heading for another bleak milestone: liquidation.
Nov 17, 2016
Vancouver passes 1% tax on empty homes
The Canadian Press
Vancouver has voted to implement a one-per-cent tax on empty homes in a bid to alleviate the city's crunched rental housing market.
The tax, which is the first of its kind in Canada, will apply to non-principal residences that are left empty for six months of the year or longer.
Home owners will be required to self-declare whether their property is vacant and could be subject to fines up to $10,000 for false reports.
Properties under renovation, owners who are in hospital and condos with strata rental restrictions will all be exempt from the tax.
Eight city councillors voted in favour of the tax Wednesday, while three opposed the levy.
Councillors also directed city staff to work with the Canada Mortgage and Housing Corporation and other organizations to collect data on possible impacts of the tax and report back next year.
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