A billionaire from China now owns 28 Hudson’s Bay leases. But what about the Toronto flagship?

A brand-new retail chain will soon replace many of the Bay’s shuttered locations across Canada—and, surprisingly, that new chain is the Bay. That’s because billionaire BC mall owner and real estate mogul Ruby Weihong Liu just announced that she’s officially gobbled up 28 of the company’s leases. (It’s not known whether HBC’s Toronto flagship is part of the deal.)

Liu also acquired several leases in Alberta and BC, three of which exist in malls she already owns. HBC confirmed the sell-off, declaring that “a new modern department store concept” would soon follow under Liu’s ownership.

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A photo on Chinese social media platform RedNote shows Liu holding a sign that reads, “New Bay,” which is reportedly the working title for her empire. Liu also intended to purchase the Bay’s famous stripes, logos and coat of arms but was outbid by rival Canadian Tire to the tune of $30 million.

Though less known in Toronto, Liu is a big-time figure in BC’s business community. As chair of Central Walk—owner of the Lower Mainland’s Tsawwassen Mills, Victoria’s Mayfair Shopping Centre and Nanaimo’s Woodgrove Centre—she’s made headlines on the West Coast for her bombastic personality and sparkling attire.

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Born outside Harbin, Liu made the bulk of her fortune in 2019, when she sold a 1.5-million-square-foot mall in Shenzhen for the equivalent of $1.25 billion. She then relocated to Vancouver.

The Bay has not yet revealed how much Liu bought the leases for or which of HBC’s 96 locations she owns. HBC filed for creditor protection in March and is in the liquidation process—a shame for sentimental shoppers given its identity as Canada’s oldest company.

Now, Torontonians will have to wait to see if their beloved department store at Yonge and Queen will get a second life as a New Bay.