SOURCE: New Coast Realty

New Coast Realty

April 19, 2016 20:34 ET

New Coast Realty Announces New Voluntary Compliance Measures Aimed at Setting New High Standards for Real Estate Industry

RICHMOND, BC--(Marketwired - April 19, 2016) - New Coast Realty, with offices in Richmond, Burnaby, South Surrey, Vancouver, and West Vancouver, is voluntarily taking measures for consumer protection including an added layer of oversight.

New Coast Realty and its agents specifically deny recent allegations of wrongdoing detailed in some media reports. The company has provided responses and documentation indicating they have followed all rules and regulations, while fully cooperating with investigations by the Real Estate Council of British Columbia and the Real Estate Board of Greater Vancouver.

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.

New Coast Realty plans to voluntarily bring in an independent Chief Compliance Officer to oversee all operations of the company to meet and exceed the requirements set out in the Council's rules and regulations. To ensure transparency and full compliance with real estate rules and regulations, the Chief Compliance Officer will report to the regulators.

The company and its agents support the interim report issued by the Council's Independent Advisory Group to enhance protection for real estate clients and will follow all recommendations when they are formalized.

New Coast Realty has provided the Real Estate Council of British Columbia with a detailed response to the specific allegations addressed in recent media reports. To receive a copy of this document, please see contact information below.

Contact Information