B.C. Supreme Court order freezes Shibiao Yan's assets while bank tries to get back $10 million loan

A major Chinese bank has obtained a court order in B.C. freezing the assets of a businessman accused of fleeing China and buying "luxury" Lower Mainland homes after defaulting on a $10 million loan.

In an application brought before a B.C. Supreme Court judge last week, lawyers for China CITIC Bank claim Shibiao Yan and his wife bought more than $8 million worth of properties in Surrey and Vancouver over a three-month period beginning in June 2014.

Read more on: www.cbc.ca