China, Russia and any other country that’s rapidly industrialized or had a major change of type of government. The wealthy have financially strip mined their homeland and secreted their ill-got gains in real estate holdings in the ‘desirable’ large cities around the globe.
Vancouver’s rapid growth started in the late 80s and through the 90s with the wealthy Hong Kong Chinese starting to move their money to safe havens as the prospect of Communist China taking it all away when Great Britain had to cede the territory at the end of the lease. The collapse of the Soviet Union and subsequent rampant and corrupt Capitalist feeding frenzy inside the Russian Federation had the oligarchs spreading their money across the Western world in much the same way because they didn’t expect the good times to last.
The Chinese love Vancouver - nice climate, not enough financial oversight for foreign investors and easy money laundering through BC’s casinos.
I don’t mind the people as individuals but hate the class consciousness and grossly ostentatious displays of wealth they bring with them. There are more cars and SUVs worth over $150K in Metro Vancouver than anywhere else in North America. The number of 18 to 22 year olds driving Ferraris, Lamborghinis, McLarens, Bentleys etc. is unbelievable. Hong Kong born community college or university students as the listed owners of $4M houses aren’t even noteworthy anymore. Sigh.
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