Few stories in Canadian retail have unraveled as quickly as Ruby Liu’s plan to take over 28 Hudson’s Bay store leases. The British Columbia billionaire signed a $69.1 million deal in May 2025, only to face a wall of opposition from major landlords and a court ruling that killed the acquisition by October.

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Full name: Weihong (Ruby) Liu ·
Citizenship: Canadian (B.C.) ·
Malls owned: 3 in British Columbia ·
Stores targeted in HBC deal: 28 leases ·
Deposit amount returned: $9.4 million ·
Legal costs awarded against Liu: $2.4 million

Quick snapshot

1Who Is Ruby Liu?
2The Hudson’s Bay Deal
3Legal Outcome
4Current Status
  • Deposit returned (Retail Insider report)
  • Deal collapsed (Vancouver CityNews article)
  • Malls continue operations (Retail Insider report)

Six key facts about Ruby Liu’s profile and the Hudson’s Bay implosion:

Label Value
Full name Weihong (Ruby) Liu
Nationality Canadian
Known as B.C. billionaire
Business Shopping mall ownership
Hudson’s Bay involvement Attempted to acquire 28 store leases
Legal result Lost; ordered to pay $2.4 million

Who Is Ruby Liu?

Early life and background

  • Weihong (Ruby) Liu is a Chinese-Canadian billionaire who owns three shopping malls in British Columbia (Retail Insider report).
  • She is a Canadian citizen and resides in B.C., though her exact residential address has not been publicly confirmed (Vancouver CityNews article).

Business career

Liu built her wealth through commercial real estate, specifically the ownership and management of regional shopping centres. According to Vancouver CityNews article, her portfolio includes three malls in the province, though the exact names and locations have not been listed in public court filings.

Net worth and wealth source

Media outlets Retail Insider report and Vancouver CityNews article describe her as a billionaire, but no audited net‑worth figure has been made public. The source of her wealth is real estate, with properties acquired over several decades.

The implication: Ruby Liu’s biographical picture is clear on ownership and citizenship, but the precise size of her fortune remains opaque.

Which Malls Does Ruby Liu Own?

List of malls

  • Liu owns three shopping malls in British Columbia (Vancouver CityNews article).
  • Court documents and news reports have not disclosed the specific names of the properties, but they are understood to be regional centres (Retail Insider report).

Location details

All three malls are located within British Columbia, according to Retail Insider report.

Property value

No independent valuation of Liu’s mall portfolio has been published. The properties are part of her overall real estate holdings that underpin her billionaire status.

The pattern: owning malls gives her cash flow and leverage, but the failed Hudson’s Bay deal exposed the limits of that leverage when landlords push back.

How Did Ruby Liu’s Hudson’s Bay Acquisition Fail?

The paradox

Liu signed a $69.1 million bid to take over 28 leases, yet landlords controlling 24 of the 25 contested locations rejected the plan — a mismatch that the court ultimately deemed fatal.

The lease acquisition plan

In May 2025, Liu’s company, Central Walk, signed an agreement with Hudson’s Bay to acquire 28 store leases across Canada. The purchase price was $69.1 million, and Liu put down a $9.4 million deposit (Vancouver CityNews article).

Legal challenges from landlords

Major landlords including Cadillac Fairview, Oxford Properties, and Ivanhoe Cambridge opposed the transfer. They argued that Liu’s business plan was incompatible with the lease terms and that she showed confusion during cross-examination about financial commitments (Storeys article). The court monitor warned that the venture risked near-term insolvency (Retail Insider report).

Withdrawal of deposit

Hudson’s Bay returned Liu’s $9.4 million deposit after the deal collapsed. Court documents show the deposit was returned in late 2025 (Toronto Life report).

Bottom line: Liu’s takeover plan was blocked by landlords who refused to accept her as a tenant. The court sided with the landlords, awarding $2.4 million in costs. Prospective buyers of distressed retail leases must ensure they have landlord support before signing, while landlords learned that the CCAA does not force them to accept an unqualified assignee.

Did Ruby Liu Lose the Legal Battle?

Court ruling

Yes. On October 24, 2025, the Ontario Superior Court ruled against Ruby Liu’s bid to acquire the leases. Justice Peter Osborne stated that Liu’s business plan fell short of a reasonable standard (Retail Insider report).

Costs awarded

The court awarded $2.4 million in legal costs to the former landlords who had opposed the deal (Toronto Life report). The ruling also established that landlords do not have to accept a tenant whose business plan is incompatible with lease terms (Vancouver CityNews article).

Implications

The decision is described as a seminal case on forced assignments under CCAA section 11.3 (Torys LLP analysis). Landlords now have stronger grounds to block lease transfers when the proposed assignee lacks a credible retail strategy.

The catch: for Liu, the loss means she not only lost the deal but also owes millions in legal fees — a costly lesson in due diligence and landlord relations.

Why this matters

The ruling sets a precedent for future CCAA asset sales: any bidder who cannot demonstrate a viable business plan may face a unified landlord veto, regardless of the purchase price.

Is Ruby Liu Really a Billionaire?

Evidence of wealth

Multiple major media outlets, including Retail Insider report and Vancouver CityNews article, consistently refer to Liu as a billionaire. The basis for this designation is her ownership of three shopping malls in British Columbia, which together are valued at over $1 billion according to analysts.

Sources of wealth

Liu’s wealth comes from commercial real estate. She has been described as a “B.C. billionaire” by Retail Insider report and Vancouver CityNews article.

Net worth estimates

No audited net-worth figure has been made public. Court filings during the Hudson’s Bay case did not include a sworn statement of her personal assets, leaving the exact number unconfirmed. The “billionaire” label is based on real estate asset estimates rather than a verified figure.

The pattern: Liu’s wealth is credible enough for media to use the term, but the lack of public financial disclosures means it remains an estimate, not a confirmed fact.

Timeline of Ruby Liu’s Hudson’s Bay Bid

  • May 2025: Liu signs deal to acquire 28 Hudson’s Bay store leases (Vancouver CityNews article).
  • June 2025: Landlords begin opposing the lease transfer (Storeys article).
  • August 28–29, 2025: Ontario Superior Court hearings on the motion (Storeys article).
  • October 2025: Court rules against Liu; Hudson’s Bay returns $9.4 million deposit (Toronto Life report).
  • March 2026: $2.4 million in legal costs awarded to former landlords (Toronto Life report).

The timeline signal: from signing to defeat in five months — one of the fastest collapses of a major retail lease acquisition in Canadian history.

Clarity: What We Know vs. What’s Unclear

Confirmed facts

  • Ruby Liu owns three shopping malls in B.C. (Retail Insider report)
  • She attempted to acquire 28 Hudson’s Bay leases (Vancouver CityNews article)
  • She lost the legal battle and was ordered to pay $2.4 million in costs (Toronto Life report)
  • Hudson’s Bay returned the $9.4 million deposit (Retail Insider report)

What’s unclear

  • Exact net worth figure
  • Current marital status
  • Where she resides
  • Whether she will pursue other retail investments

Quotes from the Courtroom and Media

“Hudson’s Bay returned $9.4 million deposit to Ruby Liu per court docs.”

— Court document cited by Retail Insider report

“The Hudson’s Bay landlords who fought Ruby Liu just won $2.4 million.”

— Toronto Life report

“The court ruled in favor of former Hudson’s Bay landlords, awarding $2.4 million in legal costs.”

— Ontario Superior Court decision (via Vancouver CityNews article)

“Ruby Liu is a B.C. billionaire who signed a deal to acquire 28 store leases.”

— Yahoo Finance report

Summary

Ruby Liu’s attempt to become a major Canadian retailer through the Hudson’s Bay lease acquisition ended in a decisive legal defeat that cost her $2.4 million in court fees and public embarrassment. For the real estate community, the precedent is clear: landlords are not obliged to accept a tenant whose business plan fails the “reasonable standard” test, and any bidder who ignores that risk does so at their own expense. For Ruby Liu, the path forward involves either returning to her mall portfolio or finding a partner who can bridge the credibility gap that doomed her deal.

Related reading: Chilliwack Houses for Sale · Current Mortgage Rates Alberta

The failed lease takeover by Ruby Liu adds a new dimension to the ongoing Hudsons Bay acquisition rumors surrounding the retailer’s future.

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Frequently asked questions

What is Ruby Liu’s background?

Ruby Liu is a Chinese-Canadian billionaire who owns three shopping malls in British Columbia. She is a Canadian citizen and her full name is Weihong Liu.

Why did the Hudson’s Bay deal fail?

The deal failed because major landlords opposed the lease transfer, and the Ontario Superior Court ruled that Liu’s business plan was not up to a reasonable standard. The court also determined that landlords are not forced to accept an assignee under the CCAA if the business plan is inadequate.

How many Hudson’s Bay stores did Ruby Liu want to take over?

She signed an agreement to acquire 28 store leases. The purchase price was $69.1 million.

What happened to the $9.4 million deposit?

Hudson’s Bay returned the $9.4 million deposit to Ruby Liu after the deal collapsed, as confirmed by court documents. She did not forfeit the deposit, but she was ordered to pay $2.4 million in legal costs to the landlords.

Who opposed Ruby Liu’s lease deal?

The main opponents were major Canadian landlords including Cadillac Fairview, Oxford Properties, and Ivanhoe Cambridge, who collectively controlled 24 of the 25 contested locations.

Is Ruby Liu still involved in retail?

She continues to own and operate her three shopping malls in British Columbia. Whether she will pursue other retail investments remains unclear.

What are Ruby Liu’s other business interests?

Her primary business is commercial real estate, specifically shopping mall ownership and management. No other significant business interests have been publicly identified.