CHINA CITIC Bank Corp. has launched a Canadian lawsuit to try to seize the assets of a Chinese citizen the bank claims took out a multi-million dollar loan in China then fled to Canada, the lender’s Vancouver-based lawyer said.

    The bank is looking to seize numerous Vancouver-area homes, valued at some C$7.3 million (US$5.58 million), along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on Sunday.

    The defendant, Yan Shibiao, owns three multi-million dollar properties in a Vancouver suburb and resides in a C$3 million Vancouver home owned by his wife, according to court documents.

    China is in the midst of a massive corruption crackdown and has stepped up efforts to find fugitives it says are hiding stolen assets abroad. The lawsuit comes amid a debate about the role foreign money, particularly from China, has played in Vancouver’s property boom.

    China has been working with Canada for years to finalize a deal on the return of ill-gotten assets seized from those suspected of economic crimes.

    But it is rare for Chinese banks to use Canadian courts to pursue those who have left the country.

    Housing prices in Vancouver have jumped 30 percent in the last year. (SD-Agencies)