Quote:
Originally Posted by Locke
Alright, I'm going to throw out a question and I'm asking as I dont know:
"Why are all of the Chinese buying property and acquiring Citizenships in Canada and what is China doing about it?"
Initially it appeared to me to be a fairly standard money laundering scheme, but then subsequently acquiring Citizenships seems to trend toward the likelihood that they, someday, intend to be here.
This much money funneling out of China cant be a good thing for them, and it isnt exactly funneling into Canada. They're picking up assets and are taxing the system somewhat but their money isnt really being funneled into the local economy.
This is kind of a problem because having this much Capital basically tied up in Limbo isnt good for anyone.
So Canada dragged their heels for a while apparently because they thought this would be good for Canada at some point, and it may well yet be, but what is China doing about seeing dollars and people, presumably highly qualified people, preparing for a mass exodus?
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China has also finally starting cracking down on the illegal money.
In March China made it illegal to move more than about $50k out of the country at a time. China recently started a law suit to seize a property purchased with laundered money:
http://www.huffingtonpost.ca/2016/06..._10722392.html
Keep in mind, that corruption is a major problem in China. It's still a somewhat communist country, yet clearly people are becoming outrageously rich there. I doubt you get that rich without proper party connections. The kind of connections that would not only allow you to make the money but then smuggle it out of the country. So a "crackdown" on the part of the Chinese government may just be for show.