Ruby Liu Hudson’s Bay: Billionaire’s Failed Lease Bid
For anyone who has watched a shopping mall lose its anchor tenant, the idea of a billionaire stepping in to save the day sounds almost heroic — until the courtroom drama begins. Ruby Liu, a Chinese‑Canadian real estate mogul, bid $69.1 million to take over 25 former Hudson’s Bay store leases, only to have an Ontario judge block the deal in October 2025.
Net worth: Over $1 billion (estimated) ·
Shopping malls owned: 3 in British Columbia ·
Hudson’s Bay leases targeted: 28 stores ·
Legal outcome: Lost court fight (October 2025) ·
Legal costs awarded to landlords: $2.4 million (March 2026)
Quick snapshot
- Liu is a Chinese‑Canadian billionaire real estate investor (Global News (national Canadian news network))
- She owns three shopping malls in British Columbia (CityNews Vancouver (local Vancouver news outlet))
- She signed a deal to acquire 28 Hudson’s Bay store leases in May 2025 (Retail Insider (Canadian retail industry publication))
- She lost the legal battle to enforce lease transfers in October 2025 (CityNews Vancouver)
- Exact net worth figure (consensus >$1 billion but no verified sum)
- Her marital status and family details (rumored but not confirmed)
- Exact age and early background (limited public information)
- How she originally made her fortune (real estate, but specifics thin)
- Details of her business plan for operating the stores (court found it insufficient)
- : Liu signs deal to acquire 28 Hudson’s Bay store leases (CityNews Vancouver)
- : Court rules against Liu; only 3 leases transferred (Global News)
- : Landlords awarded $2.4 million in legal costs (CityNews Vancouver)
- Liu retains only 3 leases (stores inside her own malls) (Global News)
- Other 25 leases revert to landlords for re‑leasing (Global News)
- Senior creditors recover ~$50 million from the aborted bid (Retail Insider)
- Canadian retail restructuring continues without a major anchor
Seven key facts about Ruby Liu and the failed lease takeover, pulled directly from court documents and news reports:
| Attribute | Value |
|---|---|
| Full name | Weihong (Ruby) Liu |
| Citizenship | Canadian |
| Net worth | Billionaire (exact undisclosed) |
| Number of malls owned | 3 |
| Leases targeted | 28 Hudson’s Bay stores |
| Leases acquired | 3 (via court order) |
| Legal outcome | Lost lease takeover attempt |
Who is Ruby Liu?
What is Ruby Liu’s background?
- Ruby Liu, also known as Weihong Liu, is a Chinese‑Canadian billionaire who chairs the real estate company Central Walk Group (Global News).
- She entered the Canadian retail spotlight in 2025 when she tried to take over dozens of former Hudson’s Bay store leases.
- Little is publicly known about her early life or how she accumulated her wealth; most details come from court filings and news profiles.
What makes a billionaire with three successful malls fail so publicly? The court found her business plan “fell well short of a reasonable standard” — casting doubt on whether her real estate acumen translated to retail operations.
How did she become a billionaire?
- Liu’s fortune comes from real estate investments, primarily through Central Walk Group, which owns and manages shopping centres in British Columbia (Retail Insider).
- She is widely described as a “billionaire” in reputable news sources, though no independent audit of her net worth has been published.
- Her company has been an active player in Canadian mall ownership for years, with holdings that include three major properties.
The implication: Liu’s wealth seems tied to property values rather than retail operations. The court’s skepticism about her retail experience suggests a mismatch between her financial resources and the operational demands of running a department store chain.
How much is Ruby Liu worth?
What is the source of her wealth?
- Her net worth is estimated at over $1 billion, but no precise figure has been confirmed (CityNews Vancouver).
- Wealth stems from ownership of three shopping malls and other real estate holdings in British Columbia.
- Central Walk Group, her company, is privately held, making a public assessment difficult.
Is she a confirmed billionaire?
- Multiple news outlets — including CBC, Global News, and Toronto Life — refer to her as a billionaire, a label she has not publicly disputed.
- However, the court monitor noted that her financial disclosures during the lease hearing lacked the depth expected for a bid of this scale (Retail Insider).
The catch: Being a billionaire in real assets doesn’t automatically translate to having the cash flow a court requires to approve a lease transfer. The judge pointed to “inconsistencies” in testimony about her companies’ audited financial statements.
Which malls does Ruby Liu own?
Where are her malls located?
- Liu owns Lansdowne Centre in Richmond, BC (Global News).
- She owns Mayfair Shopping Centre in Victoria, BC.
- She also owns a third mall in British Columbia — the name varies by source, but Woodgrove Centre in Nanaimo is often cited as part of her portfolio (Retail Insider).
Three malls, one pattern: each is a regional shopping centre in a mid‑sized or growing BC community. None is a major urban flagship — which made her ambition to run 28 former Hudson’s Bay stores a huge leap in scale.
Did Ruby Liu succeed in taking over Hudson’s Bay stores?
What was the legal fight about?
- In May 2025, Liu signed a deal to acquire 28 Hudson’s Bay store leases across Canada, intending to open a new chain of department stores under a different banner (CityNews Vancouver).
- Landlords of the properties — many of them major real estate firms — opposed the transfer, arguing Liu lacked the experience and financial backing to become a viable tenant.
- The dispute went to the Ontario Superior Court, where Justice Peter Osborne presided.
What did the court decide?
- On October 24, 2025, Justice Osborne ruled against Liu, issuing a 48‑page judgment that detailed “serious concerns” about her ability to meet lease obligations (Global News).
- The judge found that Liu’s business plan “fell well short of a reasonable standard” and that she was confused during cross-examination about key financial commitments (Retail Insider).
- The court monitor had warned the venture risked insolvency in the near term if the leases were transferred.
- Only three leases were approved — ones attached to malls Liu already owned: Woodgrove Centre, Mayfair Shopping Centre, and Tsawwassen Mills (Global News).
What happens next for the leases?
- The 25 rejected leases revert to their landlords, who are free to re‑lease them to other retailers.
- Senior creditors of the former Hudson’s Bay company are expected to recover about $50 million from the aborted deal proceeds (Retail Insider).
- In March 2026, the landlords were awarded $2.4 million in legal costs from Liu (CityNews Vancouver).
Ruby Liu placed a bold bet on Canada’s struggling retail sector, but she walked away with only three stores — inside her own malls. For landlords and industry watchers, the ruling sends a signal: deep pockets alone won’t reopen a shuttered department store.
The implication: Liu’s bid was not rejected for lack of money, but for lack of a convincing operational plan.
Is Ruby Liu a Canadian citizen?
What is her nationality?
- Liu is a Canadian citizen of Chinese origin — commonly described as Chinese‑Canadian (CityNews Vancouver).
- She lives in British Columbia, likely in the Greater Vancouver area.
- Her marital status and whether she has children are not publicly confirmed; some online searches suggest a husband and a daughter, but these details remain unverified.
Why this matters: As a Canadian citizen, Liu has full legal standing to own property and operate businesses in Canada. Her citizenship wasn’t contested — but the lack of transparency about her personal biography added to the overall uncertainty the court identified.
Timeline of key events
- — Ruby Liu signs a deal to acquire 28 Hudson’s Bay store leases (CityNews Vancouver).
- — Ontario Superior Court Justice Peter Osborne rules against Liu; only three leases are transferred (Global News).
- — Landlords are awarded $2.4 million in legal costs from Liu (CityNews Vancouver).
The timeline shows a rapid shift from ambition to legal defeat.
Confirmed vs. unclear: what we know and what remains murky
Confirmed facts
- Ruby Liu is a billionaire Chinese‑Canadian real estate investor.
- She owns three shopping malls in British Columbia.
- She signed a deal to take over 28 Hudson’s Bay store leases in May 2025.
- She lost the legal battle to enforce the lease transfers in October 2025.
- Landlords were awarded $2.4 million in legal costs in March 2026.
What’s unclear
- Exact net worth figure (consensus >$1 billion but no verified sum).
- Her marital status and family details (rumored but not confirmed).
- Exact age and early background (limited public information).
- How she originally made her fortune (real estate, but specifics thin).
- Details of her business plan for operating the stores (court found it insufficient).
The pattern: while Liu’s wealth is well-documented, many personal and business details remain private.
What others are saying
“Ruby Liu is a billionaire with a big vision — but the court decided that vision wasn’t backed by enough evidence to protect landlords and creditors.”
— CBC News (Canadian public broadcaster)
“Justice Osborne awarded landlords a total of $2.4 million in legal costs, noting that Liu’s proposal ‘lacked credible evidence of experienced retail leadership.’”
— Toronto Life (city lifestyle magazine) (cited in court reporting)
“The bid would have generated roughly $50 million for senior creditors, but the court found the risk of insolvency too high.”
— Yahoo Finance Canada (financial news platform)
For Canada’s retail real estate market, the Ruby Liu case is a cautionary tale: a billionaire with deep property holdings couldn’t persuade a court that she could run a department store chain. Landlords now have 25 empty spaces to fill, while Liu is left with three leases inside malls she already owns. The trade-off is clear: deep pockets can buy leases, but without a credible operating plan, the courtroom doors stay closed.
Related reading: Ruby Liu Hudson’s Bay: Billionaire’s Failed Lease Takeover
Frequently asked questions
What was Ruby Liu’s plan for the Hudson’s Bay stores?
Liu intended to reopen the stores under a new retail banner, keeping many locations open that otherwise would have closed.
Why did the landlords oppose the lease transfer?
Landlords argued that Liu lacked the retail experience and financial stability to be a reliable tenant, and they feared the properties would fall into disrepair.
How did the court case end?
Justice Osborne ruled in favor of the landlords in October 2025, blocking the transfer of 25 leases and awarding $2.4 million in legal costs.
What happened to the 28 leases after the ruling?
Three leases inside Liu’s own malls were approved; the remaining 25 reverted to the landlords for re‑leasing.
Is Ruby Liu still planning to open her own department stores?
With only three small‑market leases secured, Liu’s department store ambitions have been severely scaled back. No new plans have been announced.
What other business interests does Ruby Liu have?
Through Central Walk Group, Liu owns and operates three shopping malls in British Columbia. Her holdings outside those properties are not well documented.
How does Ruby Liu’s wealth compare to other Canadian billionaires?
At an estimated net worth of over $1 billion, Liu would rank among the wealthiest people in Canada, though the exact position is unclear because her finances are private.
Related reading
- Ruby Liu Hudson’s Bay: Billionaire’s Failed Lease Takeover — more in‑depth analysis of the business strategy.
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