‘Crowdfunders’ are targeting Vancouver real estate, tapping investors in Chinese community
Projects linked to the ambitious new firms and their offshoots include a C$185m three-hectare industrial site, as well as golf courses in Vancouver and the Okanagan
At least two such companies, Suncrowdfunding Holdings and Canada Luxmore Crowdfunding, have recently emerged in Vancouver, the South China Morning Post has found.
Their ambitions are huge. Yet crowdfunding – the mass online recruitment of investors – is now regulated in British Columbia by securities rules introduced last May that limit crowdfunders to raising C$250,000 per project and a maximum of two projects per year. Individual investors are limited to C$1,500 per project.
These rules should preclude all but the tiniest of forays into Vancouver’s property scene.
But proposed purchases linked to the two firms and their related companies over the past year range from golf courses to the pending sale of the Molson Coors factory site in Kitsilano for a rumoured C$185 million.