Canada ends Chinese visa for cash program

  • Posted by a hidden member.
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    Mar 06, 2014 2:30 AM GMT
    "When Canadian authorities scrapped their 'investor visa' scheme a month ago, we warned that the nation was removing a critical pillar of support for its real-estate bubble market. However, with an estimated 45,000 Chinese millionaires still in the queue, the wealthy hoping to get their cash out of China are not happy. As The South China Morning Post reports, a group of wealthy mainlanders has criticized the Canadian government for scrapping its investor visa scheme and are threatening legal action if the decision is not overturned - arguing "we had set aside a lot of money to meet the investment requirements and over the years passed up on many opportunities... A refund of our application fees will not make up for all the preparation put in."

    The Canada real estate bubble is alive (and well enough for now)...

    Deutsche Banks's house-price-to-rent index says Canada has the most expensive housing market in the world - 60% over-valued..."
  • Apparition

    Posts: 3521

    Mar 06, 2014 2:36 AM GMT
    take their money and run. stupid decision.
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    Mar 06, 2014 2:02 PM GMT
    somersault said"When Canadian authorities scrapped their 'investor visa' scheme a month ago, we warned that the nation was removing a critical pillar of support for its real-estate bubble market. However, with an estimated 45,000 Chinese millionaires still in the queue, the wealthy hoping to get their cash out of China are not happy. As The South China Morning Post reports, a group of wealthy mainlanders has criticized the Canadian government for scrapping its investor visa scheme and are threatening legal action if the decision is not overturned - arguing "we had set aside a lot of money to meet the investment requirements and over the years passed up on many opportunities... A refund of our application fees will not make up for all the preparation put in."

    The Canada real estate bubble is alive (and well enough for now)...

    Deutsche Banks's house-price-to-rent index says Canada has the most expensive housing market in the world - 60% over-valued..."


    They basically have delegated the programs into provincial ones - so provinces just set the amounts and requirements for the programs.