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China's 1% Are Moving To Canada

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China's 1% Are Moving To Canada

Many wealthy Chinese are migrating to Canada due to a relatively weak currency and favorable immigration policies, according to a New York Times article.

"With its relatively weak currency and welcoming immigration policies, Canada has become a top destination for China's 1 percenters," the report said.

The report, citing government figures, from 2005 to 2012, said, "At least 37,000 Chinese millionaires took advantage of a now-defunct immigrant investor program to become permanent residents of British Columbia, the province that includes Vancouver."

In addition, the report noted that "many wealthy Chinese are increasingly eager to stow their families, and their riches, in the West, where rule of law, clean air and good schools offer peace of mind, especially for those looking to escape scrutiny from the Communist Party and an anti-corruption campaign that has sent hundreds of the rich and powerful to jail."

Related Link: Implications For Caterpillar Amid Continued Strength In Chinese Excavator Industry

The Times continued, "The metropolitan area of 2.3 million is home to increasing numbers of ethnic-Chinese residents, who made up more than 18 percent of the population in 2011, up from less than 7 percent in 1981, according to government figures."

On the other hand, the overflow of Chinese capital led to a surge in housing prices in Vancouver. According to the report, which cited the Real Estate Board of Greater Vancouver, "The average price of a detached house in greater Vancouver more than doubled from 2005 to 2015, to about 1.6 million Canadian dollars ($1.2 million)."

"The provincial government agreed this year to begin tracking foreign ownership of real estate in response to demands from local politicians," the report added.

Image Credit: Public Domain

 

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