Chinese owner of three shopping malls in B.C. says she wants to buy the heart of Canada, the Hudson's Bay

Billionaire Weihong Liu mocked using videos online announcing her plans

Apr 09, 2025

A Chinese billionaire in British Columbia has taken to social media to announce her plans to buy dozens of Hudson's Bay locations after she saw Canadians shocked over the collapse of the retail giant.

Weihong Liu is the board chairwoman of Central Walk, a retail investment company that specializes in acquisitions owns three shopping centres in B.C.

Liu has shared a series of videos on the Chinese social media platform RedNote that she wants to own it.

Seizing on the opportunity that The Bay, the national brand that carries Canada's history; Glory be to China.

Liu set out her business plans to purchase many of the stores on a whiteboard in one of her videos, saying The Bay has hundreds of Canadian history, its beginning.

The videos show her touring The Bay locations, from Toronto to Calgary, alongside B.C.-based Chinese real estate agent Linda Qin.

The Bay will be liquidating all but six of its 80 stores, as well as its three Saks Fifth Avenue stores and 13 Saks Off 5th locations in Canada that it owns through a licensing agreement.

Liu said in a video posted last month that she would submit her proposal for The Bay's assets within days.

Binding bids for the company's assets or investments in the business are due April 30, while those wanting the leases have to make an offer by May 1.

Liu couldn't be reached for an interview, while Qin told The Canadian Press in a text message on Tuesday that they will have more announcements coming.

HBC spokesperson Tiffany Bourré declined to comment on the bid.|

Shoppers flock to The Bay in Penticton as store closures loom

More than 9,000 workers stand to lose their jobs if the company liquidates all of its 80 stores. Some of B.C.'s smaller towns and cities are grappling with possibly saying goodbye to the Bay. Our cameras caught up with shoppers outside its Penticton store.

The process to off-load Hudson's Bay and Saks leases is being overseen by Alvarez & Marsal, a third-party appointed by the court to guide Hudson's Bay through creditor protection, and real estate broker Oberfeld Snowcap Inc.

Neither replied to a request for comment asking whether they'd received an expression of interest from Liu.

A second process to find buyers or investors for The Bay's other assets, which may include rights to its famed Stripes trademark or even its art, is being run by Alvarez & Marsal and Reflect Advisors, Hudson's Bay's financial adviser.

Adam Zalev, Reflect's managing director, said in an email, "It is not appropriate for us to comment while the sale process is ongoing."

Uphill battle

Retail analysts say this will be an uphill battle for Liu.

Founder and publisher of Retail Insider Craig Patterson has seen one of Liu's videos online, and said she "could just be somebody wanting good social media attention."

Patterson said it would be difficult to revive the stores, since investors first need to find vendors willing to sell products to them, and in this case, the merchants would prefer to have cash on delivery, rather than being paid afterwards.

The Bay’s downfall raises questions for Vancouver’s downtown retail sector

Vancouver's retail sector is facing another hit with the closure of all Hudson's Bay locations outside Ontario and Quebec. As Sohrab Sandhu reports, city officials say they would like to see the massive downtown space retain its heritage value.