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Exclusive | Exclusive: Vancouver facing an influx of 45,000 more rich Chinese

Over 60pc seeking Canadian wealthy investor visa are from China and want to live in British Columbia's main city, data shows

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Most applicants for rich investor visas are Chinese wanting to live, like these Lunar New Year revellers, in British Columbia. Photos: Reuters
Ian Youngin Vancouver

A South China Morning Post investigation into Canada's immigration programme for millionaire investors has revealed the extraordinary extent to which it has become devoted to a single outcome: Helping rich mainland Chinese settle in Vancouver.

Immigration Department data obtained by the Post suggests there was a backlog of more than 45,000 rich Chinese waiting for approval of their applications to move to British Columbia as of January last year. They are estimated to have a minimum combined wealth of C$12.9 billion (HK$90 billion).

The Chinese queue for British Columbia under the scheme - which halted new applications to deal with the backlog in 2012 - is about six times the combined annual applications from all nationalities to the investor migrant programmes run by the US, Britain and Australia. It also holds more than twice as many Chinese immigrants as have moved to the province under the federal investor visa scheme from 2008 to 2012. This suggests the queue could sustain the current pace of millionaire migration to the city for a decade to come, even if applications remain frozen.
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Ottawa has vowed that the applications will be processed and few are typically rejected.

The queue of millionaires at Vancouver's doorstep has major implications in a city where housing is rated the second-least affordable in the world, behind Hong Kong, according to Demographia’s* study of 378 cities around the world in nine major markets. Census data shows 96 per cent of all recent Chinese immigrants to British Columbia live in greater Vancouver and the proportion among the wealthy is even higher.
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Kerry Starchuk is a lifelong resident of the Vancouver satellite city of Richmond, the most Chinese city in the western hemisphere and a favoured destination of wealthy mainland Chinese. She fears the potential impact of the visa queue.

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