Between 2015 and 2018, while Zhang was in China, the suit alleges, Mr. Yin developed a scheme to convert the plaintiffs funds in whole or in part to his own use the plaintiff entrusted Mr. Yin with the equivalent of approximately $45 million for the purpose of investment in real estate.

One venture involved buying five bungalows around West 41st Avenue and Alberta Street, near Oakridge. The suit says Yin accepted 60 million Chinese yuan (the equivalent of $11 million Canadian) from Zhang for the $20-million land assembly.

Three of the bungalows were later sold in 2017 for $25 million. The plaintiff received nothing from the sale, according to the lawsuit. The sold properties have since been developed into a six-storey apartment complex, which is under construction.

The lawsuit, filed in October, says the adjacent Vancouver dwellings, at 408 West 41st and 426 West 41st, remain under the control of Yin, his wife Yan Chun Liu, and daughter, Yu Yin.

In 2016, Zhang also transferred the equivalent of $29 million out of China so that Yin could buy a strata development in Richmond at 6840 and 6860 No. 3 Rd. The suit says Yin and his family were unjustly enriched by the plaintiffs contribution to the property.

Zhang also claims he funnelled the equivalent of more than $5 million through Yin to help buy a property at 3208 140th St. in Surrey, in a plan to turn it into an extended-living facility, plus a house at 4826 Buxton in Burnaby.

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Douglas Todd: Offshore investor of $45 million in Vancouver housing claims fraud - Vancouver Sun