Wednesday, January 4, 2017

"Strict new government scrutiny on Chinese people who want to convert their money into other currencies threatens to slow the rush of foreign property buying"

Globe and Mail:

The rich, with corporate assets and access to sophisticated market tools for stealthily routing money around the world, are unlikely to feel much difference from the change.

But for the middle class, who have become an important force in property markets in places like Canada, the United States and Australia, “it will have a big impact,” said Mr. Xie.

Families that once bundled together converted currency to buy condominiums and modest houses abroad will face new inspection of their currency conversions, and new risks to falling afoul of the rules.