Archive for ‘emigration’

10/12/2014

Need Financing to Build U.S. Property? Try Chinese Visa Seekers – China Real Time Report – WSJ

The giant trucks pumping concrete in Hudson Yards, New York’s biggest real-estate project in a generation, are being financed by an unlikely source: about 1,200 Chinese families in search of U.S. visas. As the WSJ’s Eliot Brown reports:

Developer Related Cos. says it has raised roughly $600 million from the families to build the foundation for three skyscrapers at the West Side project, a 17-million-square-foot colossus of office, retail and residential space set to open over the next decade.

To finance the concrete-steel platform, Related tapped a little-known and at times controversial federal visa program known as EB-5, which offers green cards to foreign families who invest at least $500,000 in U.S. projects that create at least 10 jobs per investor.

The amount brought in so far, which privately held Related hasn’t previously disclosed, is a record for the cash-for-visa program.

Related’s success shows how the once-obscure federal program has grown in popularity among developers and foreign investors since the recession.

Chinese nationals are the biggest source of EB-5 funds, making up more than 85% of visas approved in the 12 months ended in September. Many are investing for their children rather than for themselves, said Kenneth Li, a Houston real-estate broker who has offered advice to Chinese investing in EB-5 projects.

“For many of them, it’s for the next generation,” he said.

via Need Financing to Build U.S. Property? Try Chinese Visa Seekers – China Real Time Report – WSJ.

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16/09/2014

Almost Half of China’s Rich Want to Emigrate – Businessweek

Even as the number of Chinese millionaires grows, the number of those aiming to leave China is getting ever larger.

A shopper at Lee Gardens mall in the Causeway Bay district of Hong Kong

About half of China’s wealthy are considering moving to a new country within five years, says a just-released report by U.K.-based bank Barclays. The survey of more than 2,000 individuals around the world, all with personal wealth over $1.5 million, showed Chinese are more eager to emigrate than the very well-off in any other region.

Forty-seven percent of rich Chinese planned to move abroad in the next half-decade. That compared with 23 percent in Singapore and 16 percent in Hong Kong. One-fifth of rich Brits intended to emigrate, while only 6 percent of Americans and 5 percent of Indians had that plan, reported the South China Morning Post today, citing the report.

Not surprisingly, given China’s high-pressure, exam-based school system, bettering children’s education and improving their future job prospects were named as the main reasons to emigrate by 78 percent of respondents. A better economic situation was mentioned by 73 percent, while health care and social services were cited by 18 percent; the U.S. and Europe were the favored destinations.

“The reality is that most ultra-high net worth individuals in China are probably making money in China right now,” noted Liam Bailey, head of residential research at London brokerage Knight Frank, in the report. “So, for business reasons, they need to be relatively close. That might prevent some of them going further afield.”

via Almost Half of China’s Rich Want to Emigrate – Businessweek.

13/12/2013

Could a Shanghai Exodus Be in the Air? – China Real Time Report – WSJ

China’s effort to turn Shanghai into a global financial center came under a cloud this month—or, rather, under a choking blanket of smog that has affluent residents talking about bolting.

English: Shanghai Smog

English: Shanghai Smog (Photo credit: Wikipedia)

As Wei Gu writes in this week’s The People’s Money column:

China’s pollution problem is spreading and growing worse, a fact on stark display last week in Shanghai, the country’s financial center. A stretch of filthy-air days in that coastal city so thoroughly shocked residents—who had largely escaped the smog that has long plagued the likes of Beijing and Harbin—that it inspired fresh talk about getting away from China.

Over the past century, migration has almost always been driven by a desire to get ahead. But today more affluent Chinese are talking about accepting a climb-down on the career ladder and a less-exciting lifestyle in exchange for cleaner air, safer food and a different education system.

via Could a Shanghai Exodus Be in the Air? – China Real Time Report – WSJ.

30/08/2013

European Nations Woo Chinese Home Buyers With Visas

BusinessWeek: “Southern Europe’s cash-strapped governments are wooing wealthy home buyers from overseas by offering so-called golden visas to purchasers of high-end properties. Portugal, Greece, and Cyprus are offering temporary-residency permits to foreign investors, and Spain is about to kick off its program. The main targets are wealthy Chinese, who have been snapping up properties from Vancouver to London as Beijing tightens controls on real estate speculation on the mainland. Luis Hortelão, a broker with Re/Max in Lisbon, says his Chinese clients “know exactly what they want: a modern property to rent out during their absence and a visa to travel in Europe.”

Limassol, Cyprus

In Portugal buyers must pay a minimum of €500,000 ($670,000) for a property to be eligible for a five-year residency permit. A total of 102 visas has been granted since the program began last year, according to the Portuguese Immigration and Borders Service, mostly to Chinese buyers. Edmund Zhao, a real estate developer from Hangzhou in eastern China, expects to receive his permit any day now after paying €700,000 for an apartment in the resort town of Cascais. Zhao must spend at least seven days in Portugal during the first year and 14 days every two years thereafter. His visa will also let him travel freely through the Schengen Area, made up of 26 European countries that have abolished immigration controls at their borders. “I want to move there with my wife and parents as soon as possible,” says Zhao, 38, who wants to send his future children to European schools.

Searches for Portuguese properties on Juwai.com, a Chinese real estate website aimed at international home buyers, rose more than threefold from January through April, says Andrew Taylor, its co-chief executive officer. Home prices in Portugal are less expensive than in some parts of China; €300,000 buys a 2,000-square-foot villa facing the sea, according to Wang Ning, a manager in the international property department at SouFun Holdings (SFUN), owner of China’s biggest real estate website. That amount buys a 730-square-foot apartment in central Shanghai.”

via European Nations Woo Chinese Home Buyers With Visas – Businessweek.

See also: https://chindia-alert.org/2012/05/19/the-world-turned-upside-down-how-workers-are-moving-from-piigs-to-brics/

16/04/2013

* Central authority fails to face up to surge in emigration

Given that China has 1.3 billion people and there are over 1 million millionaires – according to Huran survey, does it matter that some successful people are emigrating? All it will do is open the way for the ‘next level’ to step up and be successful too.

See – http://business.financialpost.com/2012/08/01/meet-the-average-chinese-millionaire-39-plays-golf-and-owns-an-ipad/

China Daily Mail

China EmigrationThe surge of emigration was not something that was talked about in China until yesterday. The news broke when CCTV made special footage on emigration, which indicates the seriousness of the issue.

Another graver piece of news is that even CCTV dared not persuade rich people not to emigrate, but only reminded them that they should not emigrate through an illegal immigration agency. From that we can see how justified it is to emigrate.

People are only given the advice not to emigrate through an illegal agency

In CCTV’s news program last week, it played a special footage, more than 10 minutes long, that gave an example of an investment immigrant to the US who found that he had been deceived when he arrived in the United States.

To be frank, even if one has obtained a conditional green card, one is still not sure whether one can obtain…

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