Chinese Wealthy Leaving China

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JHZR2

JHZR2

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http://news.yahoo.com/top-chinese-wealthys-wish-list-leave-china-065826880.html

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The main reasons people want to move abroad, he said, are their children's education and for better healthcare. Some want to leave because they got their money illegally, such as corrupt government officials and businesspeople, while others are inspired by friends who have already emigrated to the U.S.



Illegal-sourced money coming in? Not sure these are the most savory folks out there.

I thought the education and healthcare seeking was interesting.

This could easily get political. Don't let it be so. It is general interest... Folks on here have mentioned going overseas to get far cheaper healthcare for example... And some have mentioned that China has a very strong education system. What gives?
 
I think this is a misleading title of an article. The wealthy and poor who wants to leave will leave if possible.

Education is better in the US, just not the best in the world or as good as it used to be. Right here everyone can go to college but it is still a small percentage in China. Health care in China is cheaper, but you do get what you pay for (inexperienced doctors to new treatment, etc).

One of the reason many people (primarily government officials and their relatives) got rich is through corruption and most of them would send the money and family oversea just in case they got busted. My understanding is Vancouver is currently the largest destination for these dirty money because of the lack of extradition between Canada and China.

They are not doing it to make money (US is a lousy place to make big bucks in comparison), but to have a safety net just in case.

Most of the immigrants from China (currently) are either as high tech workers or family members. US investment immigration is very tough and ridiculous compare to other nations, and policy changes all the time depends on domestic economy and politics.
 
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I live kitty-corner to San Marino, CA, which was the old stomping ground of General Patton and his family. It is about 50% Chinese now. Here in my own town it is about 50% as well. These folks keep up their properties; you do not see trash or graffiti anywhere near their houses. They value education very highly.
 
Higher educations (College and post graduate) and quality healthcare are USA main attractions, also low (or no) corruption/bribery in USA than in China and other Southeast Asia countries.

I hear that high ranking official family members in Vietnam spent several hundreds up to a thousand US Dollars a night in some nice nightclubs in Saigon, while average monthly income of a family of 4 is about $200. Where do they get that kind of money when all their official income is from government at around $150-200 a month ?

People in those countries are tied of corruption/bribery and they will leave as soon as they have a chance.
 
Originally Posted By: HTSS_TR
I hear that high ranking official family members in Vietnam spent several hundreds up to a thousand US Dollars a night in some nice nightclubs in Saigon, while average monthly income of a family of 4 is about $200. Where do they get that kind of money when all their official income is from government at around $150-200 a month ?

People in those countries are tied of corruption/bribery and they will leave as soon as they have a chance.


In the old days it was asking citizens to pay them to get off their back, harassing, etc.

Nowadays it is primarily to get approval (up to 30 in some cases) for opening up businesses, no bid contracts, expedite approval processes, zoning change, forgiving a few violations here and there (the biggest one), and keep your competitors at bay rather than having a fair competition.

It is like how campaign contribution in the US work, except in the US politicians can't pocket the money, but in developing world the politicians have their children and family pocket the money and hid it overseas.
 
My area has a massive influx of Chinese and Indians, half of the people I sell my houses too are from those countries.

A lot of them go to Yale, most of the higher level medical and engineer classes are predominantly Chinese and Indian, white's are a small minority.
 
Pollution, and the myriad health problems it causes, is also a MAJOR problem in that country. (The pictures you see of all the people wearing face masks in the cities there is NOT because of SARS only!!)

What do you expect with what, 15% annum GDP manufacturing growth with absolutely NO air/water quality/emissions regs at all?!?!
 
Originally Posted By: GROUCHO MARX
Not enough women in the population in China. Who would want to stay? No one on whom to spend your money.



Sufficient number of women is the last thing you have to worry about if you are rich there.
 
Their property, if they can bring it over, is safe here. If at any point there is a popular discontent against the lavish lifestyles of the rich there, the government may take it away from them. There is history of that happening before.

Why risk it if you can secure your wealth in the West? the key is to be able to bring it over. They are rich enough to afford to find ways in form of direct foreign investments.
 
One of my friends married a recent chinese immigrant. Her Dad owns a large hotel in China but her mother also immigrated to Canada along with her brother and some cousins who became brothers...
They travel back to China a couple times a year and my buddy has a story of his father in law having to call in a favour from the state govenor to make some local officials who were trying to shake him down, go away. If its a different govenor next time it happens, who knows...
Anyways its a very real possibility for things to go bad for them in China so you can't blame them for coming here for some security.
If I lived in or near Vancouver and was paying a mortgage or rent I might wish they'd quit driving housing prices through the roof though.
 
What Indylan describe is a very realistic description of what's going on. And what's probably also not described is that the state governor has already shaken this father in law down so the local officials shouldn't shake him down again. Politicians usually don't get cracked down unless their rivals got some serious smoking guns and the punishments are usually not about the amount of crimes but how many enemies they made.

In the US it is not yet perfectly safe because we do kick out immigrants that fake their sources of income, not so much in Canada (at least to Chinese Immigrant).
 
I'm glad their coming here, they are some of my best customers, and Chinese people make fantastic neighbors. They keep their houses very nice!

Plus unlike people in this country who tend to waste their money and have to mortgage their homes to the hilt to be able to afford them; Chinese and Indians are very conservative. So I never have any trouble getting them mortgages, putting 50%+ down is normal, as is all cash.
 
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Originally Posted By: IndyIan
If I lived in or near Vancouver and was paying a mortgage or rent I might wish they'd quit driving housing prices through the roof though.


Yes, kind of like the Gekko-like Wall Streeters do in my area.
mad.gif
 
Originally Posted By: hattaresguy
I'm glad their coming here, they are some of my best customers, and Chinese people make fantastic neighbors. They keep their houses very nice!


Wow, the sky must be falling, yet another thing we agree on (especially the women coming here
20.gif
).

I just wish that they would buy more large ticket domestic (sourced/made) product (besides housing).
wink.gif
 
The men coming over are more likely to date American women and keep all their Chinese women to themselves though lol. I tend to see more immigration as a net negative because they compete for jobs and college slots and can cause inflation. Although the Chinese nationals seem to be more upstanding citizens than some.
 
The thread is starting to turn xenophobic. I have tons of Chinese, both American born and recent transplant, colleagues and they are as pleasant to work with as everyone else.

A lot of them came here as medical students and remained as practicing doctors after they finished school. Obviously, that was not what the Chinese government had in mind when they paid for their tuition.

The amount of investment by the Chinese government in the education of their youth is astonishing.
 
Originally Posted By: hattaresguy
I'm glad their coming here, they are some of my best customers, and Chinese people make fantastic neighbors. They keep their houses very nice!

Plus unlike people in this country who tend to waste their money and have to mortgage their homes to the hilt to be able to afford them; Chinese and Indians are very conservative. So I never have any trouble getting them mortgages, putting 50%+ down is normal, as is all cash.


I'm half Filipino. I had no problem with mortgage loans. My wife and I have 800 credit scores with 20% cash down. But when I moved to our upscale neighborhood last Nov. Many homes put their house up for sale nearby. all have lived here almost ten years. so I'm starting to wonder.. They must think I'm hurting the property values.
lol.gif
 
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