China CITIC Bank Corp has filed a lawsuit in Canada to try to seize the assets of a Chinese citizen who the bank claims took out a multimillion dollar loan in China and then fled to Canada, the lender's Vancouver-based lawyer said on Monday.

The bank is looking to seize numerous Vancouver-area homes, valued at C$7.3 million ($5.58 million), along with other assets, according to the lawsuit, which was filed in the Supreme Court of British Columbia in Vancouver on Friday.

The defendant, Shibiao Yan, owns three multimillion-dollar properties in a Vancouver suburb and lives in a C$3 million Vancouver home owned by his wife, according to court documents.

The CITIC head office in Beijing confirmed that a lawsuit had been filed but would not comment on the details.

"The person involved left China with a large debt owed," said Christine Duhaime, a lawyer who represents China CITIC Bank in the case, adding that she was not aware of any criminal charges against the man.

Yan could not immediately be reached for comment. He has not yet filed a response to the lawsuit and the claims have not been proved in court.

China has been working with Canada for years to finalize a deal on the return of ill-gotten assets seized from those suspected of economic crimes. The agreement was originally announced in July 2013 and has not yet been ratified.

Foreign Ministry spokesman Hong Lei said the bank was protecting its rights in accordance with the law.

"This is a normal thing to do internationally," Hong told reporters in Beijing.

According to the lawsuit, China CITIC Bank is seeking repayment for a line of credit worth 50 million yuan, or roughly $7.5 million, taken out by a Chinese lumber company and personally guaranteed by Yan, who was the company's majority shareholder at the time.

Vancouver residents have questioned the legitimacy of foreign funds invested in the city's real estate market and have urged authorities to do more to scrutinize their origin.

Housing prices in the West Coast city have jumped 30 percent in the last year.

(China Daily USA 06/30/2016 page4)