Ruby Liu: B.C. Billionaire’s Hudson’s Bay Legal Battle

Buying a department store chain sounds straightforward until it lands in court: Ruby Liu, a Chinese property investor often described as a billionaire, tried to acquire 28 former Hudson’s Bay locations in Canada, only to have an Ontario judge block the transaction in November 2025. Here’s what the legal fight revealed about Liu’s wealth, her business portfolio, and why landlords pushed back so hard.

Net worth: Billionaire (undisclosed exact amount) ·
Known for: Legal battle over Hudson’s Bay stores ·
Residence: British Columbia, Canada ·
Occupation: Property investment manager ·
Company: Central Walk (Chairman) ·
Properties: Three shopping malls and a golf course in B.C.

Key facts about Ruby Liu are summarized below.

Who is Ruby Liu?

What is Ruby Liu’s background?

• Liu, also known as Weihong Liu, is a property investment manager based in British Columbia, Canada (The Globe and Mail (Canada’s leading business newspaper)).
• She chairs Central Walk, a company that owns three shopping malls and a golf course in B.C. (CBC News (Canada’s public broadcaster)).

Liu’s public profile is thin. She does not maintain a widely available biography, and media reports rely on court documents and property records. She is consistently described as a Chinese national, though her exact immigration status in Canada remains unconfirmed.

How old is Ruby Liu?

Liu’s age has not been publicly reported. Court filings refer to her as an adult investor but do not list a date of birth. Most news articles simply call her “a Chinese property investor” without age detail (The Globe and Mail).

The limited public information about Liu underscores the challenges in verifying her claims.

Where did Ruby Liu get her money?

Three B.C. shopping centres and a golf course—that’s the visible part of Liu’s portfolio. But the source of her wealth is less transparent.

How did Ruby Liu build her real estate portfolio?

• Liu’s wealth stems from property investments in both China and Canada, according to The Globe and Mail.
• Allegations have surfaced that some investors paid for commercial spaces they never received (Global News (Canadian national news outlet)). These claims are unproven in court.

The implication: Liu’s real estate empire is built largely outside public markets, making it difficult to verify the actual scale of her holdings or the origin of her capital.

Without further disclosures, the true source of her wealth remains speculative.

How much is Ruby Liu worth?

Is Ruby Liu a billionaire?

• Media outlets routinely label Liu a “billionaire,” but no independently audited figure exists (The Globe and Mail).
• Forbes, Bloomberg, and other wealth trackers do not list her on their billionaires indexes.

The trade-off: Calling Liu a billionaire drives headlines but leaves a gap between perception and verifiable fact. Without public financial statements from Central Walk, her actual net worth is a matter of estimation, not disclosure.

Is Ruby Liu a Canadian citizen?

Where is Ruby Liu from?

Liu is a Chinese national, frequently described in court documents and news reports as a “Chinese property investor” (CBC News).

Does Ruby Liu have permanent residency?

Her Canadian citizenship or permanent residency status is unclear. She lives in British Columbia and owns significant real estate there, but no source has confirmed whether she holds a Canadian passport or permanent residency card (Global News).

The pattern: Liu’s residency status matters because the court case turned partly on whether she could realistically operate a national retail chain from Canada. The judge ultimately expressed doubt about her ability to meet lease terms, but did not cite her immigration status directly.

Did Ruby Liu lose the legal battle?

What was the Hudson’s Bay acquisition attempt?

• In May 2025, Liu proposed to take over 28 leases that had been held by Hudson’s Bay stores across Canada (The Globe and Mail).
• The transaction was valued at $69.1 million (CBC News).

Why did the court block the takeover?

• Ontario Superior Court Justice Peter Osborne ruled against Liu in November 2025 (CBC News).
• Of the 28 leases, only three were unopposed because they were in malls owned by Liu’s company; the other 25 faced opposition from landlords including Cadillac Fairview, Oxford Properties, and Ivanhoé Cambridge (CBC News).
• Landlords argued Liu was a retail novice and said her plan to open at least 20 locations within 180 days was unrealistic (CBC News).
• Justice Osborne agreed, stating he had “significant concerns” about Liu’s ability to meet lease terms (Global News).

A 48-page judgment detailed those concerns (Global News). Liu argued that landlords resisted because she was an outsider, but the judge found the landlords’ case compelling.

The catch: Liu’s ownership of three malls was not enough to convince the court she could run a department store chain. The ruling highlights how deep retail operations require more than real estate—they demand proven operational capacity.

“Allegations that investors paid for spaces they did not receive.”

— The Globe and Mail report on investor concerns

“Justice Peter Osborne said he had significant concerns about Liu’s ability to meet the lease terms.”

— Ontario Superior Court ruling, via Global News

The legal fight over Hudson’s Bay stores may be over for now, but the questions it raised about cross-border real estate investment and accountability remain open. For Canadian landlords and potential investors, the case serves as a cautionary tale: a billionaire label and a mall portfolio do not automatically translate into retail operational credibility. Liu’s next move—whether to appeal or pivot—will determine whether she fades from the Canadian real estate scene or continues to press her claim.

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