Ze Yu Wu has stepped aside from managing New Coast Realty, which has been slapped with license restrictions from industry regulators and the city’s real estate board.
A report by The Globe and Mail revealed that Wu had been teaching his agents how to convince home owners to sell their properties for less than the asking prices and earn quick commissions from the transactions.
“Company owner Ze Yu Wu has voluntarily stepped aside and will have no role in the operations of New Coast Realty until investigations by the council and board conclude. Operations of the company offices are being overseen by managing brokers approved by the Real Estate Council of British Columbia,” the company announced.
In its statement, New Coast maintained that it did not violate ethical standards and argued that Wu’s statements to the agents have been taken “out of context”, saying that the instructions were actually meant to help clients by tempering naïve expectations on the sellers’ part.
“[The allegations against the company] are unsubstantiated and unsupported by any evidence or specifics. They appear to come from anonymous sources in competition with New Coast,” the brokerage firm fired back.
Earlier in April, Wu said that he and his company welcome the investigations as an opportunity to improve New Coast.
“There is an urgent need to reflect on and improve the company’s business model, and to be more tolerant and make less enemies,” Wu said in an interview with Chinese publication Sing Tao.
The owner of a Vancouver-based brokerage firm has withdrawn from the company’s daily operations, pending at least two investigations stemming from allegations of regulatory violations.