Chinese Tidal Cash Wave Changing Vancouver

Chinese Tidal Cash Wave Changing Vancouver

Chinese tidal cash wave changing Vancouver on many different levels.

And most of the money is being shuffled by wealthy Chinese.

And that money is moved in the way drug dealers and terrorists do it – in small amounts so that it escapes official scrutiny.

It was estimated that a record $94 billion (U.S.) exited China in 2017.

They are taking the money out of China in defiance of government policies.

And the amounts are staggering.

“The money being frenetically shuffled by millions of wealthy Chinese into safe assets abroad, in defiance of their country’s capital controls.

Since mid-2014, capital flight from China may have totaled as much as $800 (U.S.) billion”,  says the Institute of International Finance.

Vancouver was the first to experience this Chinese tidal wave of cash.

And all that cash has brought about many changes in Vancouver.

Chinese Tidal Cash Wave Changing Vancouver

It has resulted in dramatic economic, demographic and physical transformations.

Alberni Street is a good example of how Chinese money has changed the city.

Once it was a nondescript downtown Vancouver street.

Today it has become a top shopping area with major international luxury brands dotting the area.

Bloomberg News says this about Alberni Street:

‘It has in the past decade welcomed a two-level Prada boutique with a black marble facade, one of the largest Rolex
showrooms in North America, and a 62-story tower with a five-star Shangri-La hotel.

All have Mandarin-speaking staff. In May, Rolls-Royce chose Vancouver to unveil its first sport utility vehicle, which starts at more than $300,000, hosting a Champagne reception at its sleek new local dealership in an upmarket neighborhood about two miles south of Alberni.

Six sold on the first day—bound, perhaps, for the “car condo,” a kind of luxe garage with customizable suites that’s being built in a majority-Asian suburb. The units start at more than $800,000, and the first batch recently sold out.”

Chinese Tidal Cash Wave Changing Vancouver

Also luxury car dealerships – monuments of huge glass-encased showrooms – are new in the city.

And it has reached the point where many of them have established offshoots in the Fraser Valley, 30 kilometres from Vancouver.

Greater Vancouver has about 500,000 people who are of Chinese heritage. This is about 20 per cent of the area’s population.

But in Richmond, a few kilometres from downtown Vancouver , it jumps to more than 50 per cent.

Richmond feels and looks like a mini Hong Kong.

There is an endless array of Chinese restaurants, stores and small strip malls all fronted by Chinese signage.

But there is another side to the Chinese cash tidal wave.

It involves money laundering, shady real estate transactions and organized crime.

And now authorities in B.C. are trying to stop it all.

Here is the full story.


Leave a Reply

Your email address will not be published. Required fields are marked *