Rich #Chinese Parked Money Is A Bane In #Vancouver

Over the past decade, money from China has been flooding into Vancouver, one expert says. Wealthy people in mainland China are worried about the future, he says, and Vancouver is seen as a good place to park money.

Chinese immigrants and investors have bought businesses and property, made philanthropic contributions and supported the arts. But some Vancouver residents feel priced out of the real estate market.

There is also an unabashed display of wealth, readily apparent in the city's Kitsilano neighborhood. Within a few short blocks, you can find dealerships for some of the world's most expensive cars: Lamborghini, Ferrari, Rolls-Royce and Aston Martin, among others.

At the front of the McLaren showroom are four sleek, high-performance sports cars, known as supercars. Wilson Ng, an account manager with McLaren Automotive, gently runs his hand over one of the 570GT models. “They're starting around $200,000 to up to $250,000 to $300,000,” he says, up to about $222,000 in U.S. dollars.

Source: NPR, post

 

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