Canada Overwhelmed By 100,000 Chinese Millionaire Immigrants

Published on Jun 13, 2016

China’s Millionaire Migration: The wave of Chinese millionaires making property prices unaffordable in Canada

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Over 100,000 Chinese millionaires have moved to Vancouver, sparking everything from a reality show, to a property boom and unaffordable housing. Are Canada’s millionaire migrants a blessing or a curse?

For the glamorous and beautiful second generation millionaires – or fuerdai, of Chinese descent – Vancouver is a home away from home. “Vancouver is caught changing from a Canadian to a Chinese town. For myself I’m caught in between Chinese and Canadian”, says Chelsea Jiang, one of the young stars of hit reality show, “Ultra Rich Asian Girls”. Their lavish spending and lives of luxury are transforming the landscape of Canada’s coastal city. The “Chinese brought you great food and better economy, what’s there to complain about?” asks Jiang, who benefited from Canada’s immigrant investment program. It incentivised foreigners with at least 1.6 million Canadian Dollars to come to Canada. But despite their wealth and purchasing power, the program was cancelled, and is seen as responsible for making Vancouver the second least affordable city in the world. “Clearly the immigrant investor program has just been an abject failure, in terms of fostering economic growth and in terms of fostering business growth and jobs”, says local journalist, Ian Young. “This isn’t really an issue about race, this is an issue about wealth”, he says.

SBS Australia – Ref. 6799

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Where Did A Million Chinese Millionaires Come From

Published on Feb 13, 2012

The Ka-Ching Dynasty! – China. From communism to capitalism, a new generation of very young, very rich people have emerged, but where did they come from

The economic transformation of China has been electrifying. But with Europe teetering and the US plodding, can the biggest tiger of all keep on roaring? China’s super-rich certainly think they can.

Outside a private Beijing nightclub Porsches, Maseratis and Ferraris compete for space. Inside the club is packed with the children of China’s super-rich enjoying a ‘palace’ themed party. China now has almost a million millionaires, six hundred billionaires, and the numbers keep growing at a staggering rate. As a reporter for the Hurun Report rich-list points out, they are a force to be reckoned with: “certainly we need to be aware of and understand this group.” Even more striking is the bravado of China’s super-rich, who feel that they can keep going from strength to strength. “I met an entrepreneur last week who said that if all goes to plan, in ten years time his business will be ten times the size it is now”. The focus is certainly on quick growth. Current projections say that in ten years time half the world’s billionaires will come from China. While there are warnings signs that the economic woes of Europe and the US will hit China, China’s super-rich don’t seem concerned. For some the hope is that the Chinese market will pick up the slack. For others, who have only known the good times, anything else is unthinkable: “if I have any spare money I buy sports cars.”

A Film By ABC Australia. Ref – 5412

Journeyman Pictures is your independent source for the world’s most powerful films, exploring the burning issues of today. We represent stories from the world’s top producers, with brand new content coming in all the time. On our channel you’ll find outstanding and controversial journalism covering any global subject you can imagine wanting to know about.

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