Friday, June 17, 2016
Shon Yee Benevolent Association
Among the many histories that contribute to that afghan known as Canada, it is our country's Chinese benevolent societies that I would like to hear more about.
One such society -- the Shon Yee Benevolent Association -- is in the news today. Not it, per se, but one of its buildings -- the 120-unit Royal Building at 262 East Pender Street, which was put up for sale this week. Price tag: $9,999, 000.
One of the many questions being asked is, What will the building's seniors do if evicted by the new owners? Another is, What is a benevolent society doing selling a building when housing is at a premium?
So I will ask it again. What is a benevolent association doing selling a building when housing is at a premium? Are the taxes too high? Does the society want to reinvest the money in something more sustainable? Is someone putting pressure on them to sell? Do they foresee a burst in the seemingly unburstable real estate bubble?
There is more to this story. And I would like to hear it.
[UPDATE: As of 10PM CKNW is reporting that City of Vancouver officials have no knowledge that the Royal Building (home to the May Wah Hotel) was ever put up for sale. For more, click here.)