China’s Millionaire Migration, by Aaron Thomas from June 2016. After Vancouver, Sydney and Melbourne attract a lot of wealthy Chinese immigration — real estate prices in all three cities have soared in the last few years.
Over 100,000 Chinese millionaires have moved to Vancouver, sparking everything from a reality show to a property boom making housing unaffordable. Dateline asks if the millionaire migrants are a blessing or curse.
“The typical Chinese investment portfolio is half real estate,” Professor David Ley explains, drawing comparison to unaffordability in Sydney and Melbourne. “The population of Chinese Canadians… is projected in 30 years to be 800,000.”
“This isn’t really an issue about race, this is an issue about wealth,” says Australian-born Chinese journalist Ian Young, who’s now based in what he dubs Hongcouver.
“These are not luxury homes, but every one of them is a $3 million house,” he says as he drives Aaron through the suburbs. He’s been closely following the impact of the visa program for millionaire migrants.