James Alexander Michie: Vancouver, one of the first cities to experience the tide of Chinese money but now strives to stop it | Bloomberg

Vancouver James Alexander Michie

The City That Had Too Much Money

Author: James Alexander Michie

Vancouver is one of the first cities to experience the tide of Chinese money and everything that it brings, which in fact has already led to an incredible economic, demographic and physical transformation. It is important to mention the notorious transformation that Alberni Street has had, which has hosted a two-level Prada boutique, one of the largest Rolex showrooms in North America, and a tower in the last decade. of 62 floors with a Shangri La hotel of five stars. Added to this, it is noteworthy that during the month of May, Rolls-Royce chose Vancouver to give rise to its presentation of its first sports utility vehicle, which starts at more than $ 300,000. Said presentation had a reception with Champagne in his elegant and new local dealer in a luxury neighborhood about three kilometers south of Alberni. During the first day, it was possible to sell six of the new sports vehicles, which are suggested that they were possibly sold to the “car condominium”, which is a type of luxury garage with customizable suites that is being built in a majority suburb Asian

It has been established that most of the money that arrives has been obtained legitimately, although sometimes it has been extracted by means of the gray market. Despite this, several officials have said that a fundamental proportion is due to corruption or crime, thus including the illegal sale of opiates such as fentanyl. There is no doubt that public anger has increased significantly due to the surprising prices it has taken from housing and an economy distorted by the wealthy foreigners, the left government of British Columbia that was chosen because of a focus on calming the real estate market, is building a global laboratory for policies aimed at restricting the arrival of Chinese money, therefore the province has taken action in this regard and is also increasing taxes, tightening transparency rules and strengthening the supervision of casinos and financial institutions.

Vancouver was possibly the first large western city to experience the strength of the Chinese capital and has consequently been receiving money extremely fast and in such a volume, despite this, leaving that situation aside is no longer an option can contemplate and perhaps the change that will have to cross will be difficult and tense, because Vancouver has been closely connected with Asia since the late nineteenth century with the arrival of the first Chinese who were a great contribution in the construction of the Canadian railroad, but in the same way the change is already established as something really necessary.

Take a read: https://www.bloomberg.com/news/features/2018-10-20/vancouver-is-drowning-in-chinese-money

Source: Matthew Campbell and Natalie Obiko Pearson | Bloomberg

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