Self-made millionaire Li Weijie runs his ski and golf course outside of Beijing and is considered a patriot: A life-size statue of Mao Zedong fronts entrance of his station. What would Chairman Mao say if he knew Li is a proud cardholder of Canadian Residency? ” I wanted access to the education system and health care of a developed country,” said Li, 43, whose other businesses include one of the largest taxi companies in Beijing, 2 car dealership as well as a real estate company. Li now has a house worth 6 million in Westside of vancouver (new home in Vancouver), known for its rich Chinese buyers. His wife drives around vancouver in a black Maybach, while his 20-year-old son was drives a dark gray Maserati to classes at the University of British Columbia. His wife and son lives full time in Canada.

What began as a trickle a decade ago when Li moved his family in Canada (Vancouver East, Vancouver West which includes West Vancouver, North Vancouver, and South Vancouver) has become a flood of new rich in China seeking foreign passports or residence permits (known as green card in the U.S.) in particular the United States, Canada, Australia, Singapore and New Zealand. More than 500,000 Chinese have investable assets of more than 10 million yuan ($ 1.57 million) under a joint study published in April by the China Merchants Bank and Bain & Co. survey said nearly 60 percent are considering emigrating, has started the process, or have emigrated.

In the United States so far this year about 3,000 Chinese citizens have applied for visas for investors, compared to 270 in 2007. That 78 percent of the total number of candidates for this type of visa in accordance with United States Citizenship and Immigration Service (USCIS). The U.S. investor visa, also known as EB-5 requires a minimum investment of $ 500 000 by the applicant in a commercial project in the United States, which employs at least 10 Americans in two years. If Chinese applicants can not generate the jobs, they and their families may have to leave the United States

The migration makes a good business for people like Jason Zhang, a broker with Realty Direct Boston, a branch of a national chain. Zhang office specializes in the regulation of the Chinese in the Boston area. He says this year has already helped dozens of Chinese families buy homes and cars (migrants often pay cash, he says) and find good schools for their children, compared to only two or three families out of a few years ago. Wealthy suburbs like Weston and Lexington are better choices.

For the most part, China’s wealthiest are not permanently leaving the country, as some Russian oligarchs. About 80 percent of wealthy Chinese will not move to waive the passports of the October surveyed by the Bank of China and Shanghai-based Hurun Report, which publishes an annual ranking of China’s richest. Instead, the most common model is Li Weijia: His wife and son to obtain a foreign passport and live abroad, while the husband receives a residence permit, but spends most of his time in China. If you think of emigrating like Russians, it is because they are afraid and so are leaving their country,” says Hurun’s founder, Rupert Hoogewerf. “This is not true of the wealthy Chinese at all. They still have their businesses in China and most of their assets are in yuan.”

So why are they trying to stay abroad? The reason cited above is to pursue better educational opportunities for their children, according to the Bank of China and China Merchants Hurun-Bain surveys and comments from emigrants. The feeling among the rich Chinese is that American universities waved their Chinese counterparts, and their children need to understand the world. Emigrants also noted that senior Chinese leaders, like Xi Jinping, send their children to study abroad.  Escaping the dismal air quality and food safety issues were also factors.

Source: Dexter Roberts and Janet Zhao, Businessweek.com

The real estate Board of Greater vancouver (REBGV) reports that sales of residential houses, attached and apartment service area MLS ® system has reached 2317 in October, down 1 percent compared to 2337 sales in October 2010 and an increase of 3.2 percent over the previous month. These sales rank as the second lowest total in October over the past 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartments in Greater vancouver totaled 4,374 in October, which is on par with the average of 10 years. This represents an increase of 18.3 percent compared to October 2010, when 3,698 properties were sold on MLS ®, and a decrease of 23 percent compared to 5680 new listings reported in September 2011.
Total number of properties listed for sale in Greater vancouver MLS ® system is currently sitting on 15 377, which is 9.3 percent higher than the 14 075 properties listed for sale during the same period last year. October was the first of the month, the total number of real estate listings have decreased this year.

The housing price index MLSLink ® (HPI) reference price for all residential properties in Greater vancouver over the last 12 months rose 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010. But since it peaked in June $630,921, the reference price for all residential properties in the region declined 1.3 percent.

Sales of single-family homes in October was 974, which represents virtually no change from the 976 detached sales recorded in October 2010 and a decrease of 34.5 percent of 1,487 units sold in October 2009. The benchmark price for detached houses increased by 11 percent from October 2010 to $884,778, but fell 1.3 percent from the previous month.
Property sales reached 958 apartments in October, down 2.6 percent compared to 984 sales in October 2010 and decreased 40.4 percent compared to 1607 sales in October 2009. The benchmark price of an apartment rose 3.2 percent from October 2010 to $ 402,702, but declined 0.7 percent from the previous month.

Sales of attached property in the month of October were 382, ​​1.3 percent more than the 377 sales in October 2010, and 37.4 percent compared to last year 610 properties were sold attached to the in October 2009. Reference price fixed per unit increased 6.5 percent in October 2010 and 2011, $519,455, and rose half a percentage point from the previous month.

Source: real estate Board of Greater vancouver

House prices as a reference in Metro vancouver increased 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010, according to the latest monthly report from the real estate Board of Greater vancouver.

But since it peaked in June $630,921, the reference price – namely, a typical house – all residential properties in the region declined 1.3 percent.

The report also indicates that sales of single-family homes in October reached 974, about the same as in October 2010.

In addition, new listings of all properties reached in October 4374, an increase of 18.3 percent compared with October 2010, when 3698 properties were offered for sale, and a decrease of 23 percent compared with the 5680 new listings in September 2011.

The total number of properties listed for sale now sit at 15,377, 9.3 percent higher than 14,075 properties for sale in the same period last year.

Meanwhile, the benchmark price for detached single-family homes in the fraser Valley in October was $530,335, an increase of 4.9 percent from $505,759 in October 2010 and on an equal footing with the price in September, according to the fraser Valley real estate Board.

Source: Brian Morton, vancouver Sun