Businessman accused of fraudulently buying Vancouver real estate — and killing his lender
Lawsuit claims Long Ni borrowed $113 million from Changbin Yang over the span of seven years
The family of a Chinese man who was the victim of a homicide is suing his accused killer for the millions of dollars it claims he borrowed from the victim to buy properties in Metro Vancouver.
In a notice of claim filed in B.C. Supreme Court June 27, the family of Changbin Yang says businessman Long Ni borrowed $113 million from Yang with the promise of investing it in the Chinese mining industry.
Instead, Ni allegedly used it to buy real estate in Vancouver, including a $10 million property on the city's West Side.
The lawsuit alleges that Ni killed Yang in July 2017 to avoid repaying the debt.
Ni has been charged with murder and is currently imprisoned in Hubei Province, China, according to the court documents.
'Default payments, fraud and murder'
The plaintiffs — Yang's wife, three adult children and infant daughter — claim that Ni borrowed a total of $113 million from Yang between September 2011 and April 2018.
Ni allegedly promised Yang a high rate of interest for lending him money to invest in the Chinese mining industry.
The lawsuit says Yang withdrew money from family accounts to accounts designated by Ni. Yang repeatedly asked Ni to repay the debts but never received payment, according to the lawsuit.
The lawsuit says Ni, his homemaker wife and his son, a student, own eight properties in Vancouver and Burnaby, assessed at a total of nearly $30 million. All three defendants are permanent residents.
Yang's family are heirs to his estate and have been deprived of his money because of Ni's "default payments, fraud and murder," the court documents say.
Yang's family is asking for judgment of $113 million. A lawyer for the Yang family declined to comment.
None of the allegations have been proven in court.