Nearly half of China's wealthiest citizens are considering emigrating, with the United States and Canada the most popular destinations, according to a new report from the authors of China's rich list.
The survey by the Bank of China and the Hurun Report, which publishes luxury magazines and runs a research institute, found that 46 percent of Chinese with assets worth more than 10 million yuan ($1.6 million) were considering moving abroad.
http://news.yahoo.com/almost-half-china … 20562.html
many of those who made their money in China want to move to US or Canada...why is that?
Personally, I find their lack of loyalty appalling. If you get rich in a country, at the very least you should live in the country that gave you the opportunities to amass all your wealth.
In Canada, these wealthy Chinese don't create jobs. Instead they just speculate on real estate pricing my generation out of housing with 1 million dollar bungalows. If they're willing to pay 1 million dollars for a bungalow I must seriously question just how this wealth was acquired. People who are that stupid with their spending habits couldn't have acquired their wealth through legitimate means.
America, don't make the same mistake Canada did and open your flood gates to China. Your children will grow up forever homeless. The sheer weight of China’s population mass will cause so many chasms; and the Chinese have proven they're willing to pay any price to acquire territory.
Normally we call a pile of rich foreigners who buy all the homes and price out the locals a colonial invasion, but Canada doesn't have the balls to call the shots, hopefully Americans will. I’m planning on learning Mandarin for a reason. . . It's already impossible to communicate in Vancouver and Toronto without it.
I may have to move out of Canada if this madness continues. I see little point in working hard the rest of my life if I'm forever destined to rent to someone who doesn't even live in the country.
i think the rich Chinese coming to USA or canada will add money to the economy.
maybe property shouldn't be sold to foreigners unless they have duel citizenship and contribute some way...
A bit off-topic, but in the Philippines our Constitution doesn't allow foreigners to own real estate property. Condominiums yes, but land, no. Dual citizens no problem but former Filipinos are allowed but with limitations - 1,000 sq. meters for residential and 1 hectare for farmland. It's causing a debate here because this also means that foreign corporations can't own land and this issue has been identified as a hurdle to our country's ability to attract foreign investment.
Back on topic, is it perhaps possible that the rich Chinese prefer to emigrate to somehow secure their wealth? The Chinese are very practical people and they view things in the long term. Perhaps moving to the U.S. and Canada is one way for them to set aside personal wealth that their government can't get their hands on. I'm sure they keep their businesses in China going, but by emigrating to another country, they have a fall back position. China's economy might be capitalist in nature, but the government is still centrally controlled. Should the need arise or should the State dictate that national security warrants it, I don't think there is nothing that private citizens in China can do if the State starts expropriating their assets.
No doubt they're using Canadian real estate as a "fall back" plan if Mao decides to go on another "kill the rich" phase; the problem is that I feel housing should be used for the purpose to house a family. Call me old fashioned, but I believe something as vital as shelter shouldn't be used to off shore Chinese wealth at a huge cost to the living standards of the people who actually work here.
There are many other ways the Chinese could shelter their wealth here in Canada that:
A) wouldn't harm the locals and create caste systems
B) we could still get the money invested here
and C) may produce the odd job (especially in the financial sector).
At the very least, if they believe so strongly in Canadian real estate, the Chinese could invest in REIT's rather than buying the house itself. This would alleviate the Chinese from maintenance costs of these homes, not price the locals out, not leave us a pile of empty houses with a homeless man next door, and at the same time the Chinese would be investing instead in building materials/projects used to make homes. This is a much secure investment than simply betting the farm on a few homes and hoping the area will appreciate forever.
The problem is the Chinese don't believe investing in this Westernized fashion. They play by what they know, which is the caste territorial system, which will hurt us all in the long run. Makes little sense to have a backup plan to flee from China when theb decisions you make with your money will turn Canada into another version of China.
Yeah I have a friend in Canada that was complaining about the same thing (real estate pricing, etc.). Still I don't believe the trend will be reversed in the near future/
It's no doubt a real estate bubble, and it's been that way for a LONG time. However, unlike the USA, I don't expect the bubble to pop because we've completely opened up the door to other cultures that believe in caste systems. This is how caste systems are created.
The rich of previous generations price out the low/middle classes of the next generations from real estate; thus preventing them to become rich one day and thus completely destroying economic mobility. Its been this way in countries like India and China for thousands of years and I don't expect it to change.
There are more of this aristocracy wealth class in China and India than our entire population. By opening up the flood gates to them, Canada will turn into a caste system much like China and India, it's inevitable.
While this will spell the end of Canada in no less than a hundred years if not stopped; I wonder what the consequences would be to America if there's a "mini China" all along the USA border.
DONDWEST; "Personally, I find their lack of loyalty appalling. If you get rich in a country, at the very least you should live in the country that gave you the opportunities to amass all your wealth."
They want to move to the country that gave them the opportunity to amass their wealth!!!!!!! The west has given them everything!!
Haha, good point.
I guess the aristocracy in China/India is "coming home" to their banking cartels friends who gave them the whole world in their hands.
http://www.youtube.com/watch?v=mOwZwkhF … re=related
My thoughts were similar; they probably want out of the country where they got rich in spite of that country, not because of it. If they stay, they may lose it all.
We might think of that when we continually cry out to "tax the rich!".
Can't be possible. After all, according to one panda bear, China is the best place to live in the world. Better everything than the U.S. or anyplace else.
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