The cost of China’s millionaire migration

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Channel: SBS Dateline

Views: 3,969,438

Rating: 4.3115954 out of 5

Keywords: SBS, Dateline, China, Canada, Vancouver, Ultra Rich Asian Girls, HBICtv, fuerdai, wealth\, rich, property, price, investment, rise, increase, Pam Zhao, Chelsea Jiang, millionaire, migrant, migration, Kevin Li, reality, TV, show, Eric Coulombe, real estate, agent, Ian Young, South China Morning Post, journalist, Chinatown, Danny Quon, Kerry Starchuk, campaign, Richmond, Professor David Ley, Aaron Thomas, Australia, Sydney, Melbourne, unaffordability, housing, Documentary

Id: IZs2i3Bpxx4

Length: 23min 51sec (1431 seconds)

Published: Tue Jun 07 2016

Reddit Comments

[u/IHireWriters]

Higher property taxes for non owner occupied properties completely fixes this.

[u/greyhound93]

Vancouver: sold to the highest (absentee) bidder since 1986. Shame.

[u/CitizenKing]

"It's gonna be great for the economy, just not the average citizen."

"Then who's the economy for? Why should I give a damn if it'll be great for a foreign investor when I'm trying to support a family and put my kids through college?"

It's infuriating how these people treat human beings like abstractions, ignoring just how it effects everyday life so they can rationalize away just how much they fuck everything up.

[u/FEEZYdoesIT]

From Vancouver, we're not going to stand for this. This will be an election issue for all Provincial and Civic elections till something is done. I think as Canadians we're finally standing up for our needs. For me, it's matter of allowing the profits of money laundeirng, embezzlement, and fraud to play havoc on an imbalanced economy. My parents paid tax through teeth, if they decided to live elsewhere they'd still pay income tax because they own property. I feel sorriest for the old generation Chinese who moved here and settled in East Van and South Van. Many of them worked such low income jobs in earlier generations so that their kids could go to school and make it to middle class life. They learned the language and adapted; now a new generation of people who share their background make a mockery of their efforts and paint an entire group with the same brush.

[u/dougb]

Just watch while those same millionaires buy out your local government too.

[u/Scribble_Box]

As a Vancouverite this made me sad..

[u/common_crow]

Switzerland doesn't allow anyone who isn't a citizen or permanent resident (it typically takes 10+ years to get a C-permit) to buy land or property. This has somewhat limited inflated real estate prices. Maybe Vancouver et al. should look into a measure like this.

[u/ontheroadagain2]

Born and raised in Vancouver, was able to get into the market in 2005 through a combination of a stroke of luck and having parents that made me save from the time I was 15 so I had enough for a down-payment. Sold for 5 times my purchase price 10 years later and moved the hell out! I can't stand what Vancouver has become. It's gone from a green friendly city to a front line "class war" zone.

I have seen Vancouver change drastically 3 times (that I can tell) during my 40+ years there.

Change 1: Expo 1986 caused the city to change from a "City with a small town feel" to a "world wide" city.

Change 2: 1999 and the return of Hong Kong to China caused another dramatic shift in the feel of the city. The entire makeup and tone of the city changed as "Hong Kong" Chinese flooded to Vancouver. In many ways, very much for the better in my opinion. New cultures, new opinions and the true "boom" of Vancouver.

Change 3: 2010 - 2016 and the "pricing out" of the locals. This 10 year period has seen an almost "non-stop" increase of housing prices and a general decline in the "livability" of the city.

I understand all the anger and frustration coming from so many of my friends and family. People who have lived there their whole lives and simply cannot even dream of getting a foothold in the city due to the dramatic price of property.

It seems like a simple case of supply and demand there just is not enough supply for the demand on the geography and that is not going to change any time soon. It is a very bitter pill to swallow! I don't understand why the City leaders don't either allow for much more population density through apartments or come out and say "we're not will to increase the density to the needed levels to lower housing prices due to the following reasons..."

[u/CommanderGumball]

Less than a minute in...

Everywhere changes. The Chinese brought you great food, and a better economy. What's there to complain about?

Uh, the fact that they've completely destroyed our housing market? The fact that our homeless population is rising almost as fast as the rate of unoccupied houses? The fact that young people born and raised in this city will never stand a hope of owning a piece of property here, because they're all owned overseas?

We're a city, not a fucking bank for you to store your ill-gotten gains in.

EDIT: A couple gems from the article linked in the description...

“The primary breadwinners who arrived under those schemes… were only paying an average of $1,400 in income tax each year,” he says. “They were declaring less income than refugees in many cases.”

So they're taking tax money out of our economy as well. At least they're sensible, grounded people who have their heads in the right place.

She and Pam both run their own businesses and reject criticism of their lifestyle and wealth.

“Resentment is already out there, but I’m not worried about it,” Chelsea says. “I only need to deal with people who can see the truth.”

Oh, no... No you're not... Oh, and that's the same lady that says there's nothing to complain about.