Real Estate

Only 9% of Chinese own a passport

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  • Apr 25th, 2019 1:18 pm
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Deal Addict
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Dec 13, 2016
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Only 9% of Chinese own a passport

I love to read endless articles from tourist authority of Thailand about the importance of Chinese visitors and the absolute demise and insignificance of Western expats and their spending power the world over.

I can post such articles, but they are somewhat irrelevant to Canada, however one thing they keep mentioning is the number of passports Chinese citizens own and how they expect this number to raise significantly in only 2 years.

Which brings up the question if more Chinese are able to travel will more Chinese settle and buy property in Canada's biggest cities.

Discuss!
8 replies
Deal Addict
Jan 12, 2017
1089 posts
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I think you can calm down. If approx 50% of China's population is urban (seems to be the range it's in), and 20% of that is sufficiently rich to purchase property outside of China (probably an overestimate), you're left with 10% of the population... not significantly more than the 9% out there with passports.

In any case, most of the wealthy likely already have passports. 9% of 1.4B is around 145 Million passports. In comparison, major cities like ShangHai, Chongqing and Beijing have populations in the 20-30 mill range.

Sure, there will be a bit more competition, but the Bugatti buying super rich are already here.
Deal Addict
Aug 21, 2007
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gave up on rfd for g…
and then there are the wealthy elite who carry Hong Kong passports also.
Left rfd
Deal Addict
Nov 13, 2013
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Ottawa
Chickennbeans wrote: I think you can calm down. If approx 50% of China's population is urban (seems to be the range it's in), and 20% of that is sufficiently rich to purchase property outside of China (probably an overestimate), you're left with 10% of the population... not significantly more than the 9% out there with passports.

In any case, most of the wealthy likely already have passports. 9% of 1.4B is around 145 Million passports. In comparison, major cities like ShangHai, Chongqing and Beijing have populations in the 20-30 mill range.

Sure, there will be a bit more competition, but the Bugatti buying super rich are already here.
Not even close to 20% of urban population can afford foreign real estate. People really overestimate the percentage of wealthy in China. In 2012 to be in the top 3% of urban population you needed an annual income of just $35k US. Granted with little debt and high savings rate even those making much less than $35k can afford to travel to Canada if they want to.
Deal Fanatic
Feb 22, 2011
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Toronto
The crazy thing is that 9% is still 3x larger than Canada's population.
Banned
Jun 1, 2017
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I wonder if another 91% can get a passport without problem if they want. If it's easy thing, the number will increase.
Sr. Member
Sep 14, 2007
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fogetmylogin wrote: Not even close to 20% of urban population can afford foreign real estate. People really overestimate the percentage of wealthy in China. In 2012 to be in the top 3% of urban population you needed an annual income of just $35k US. Granted with little debt and high savings rate even those making much less than $35k can afford to travel to Canada if they want to.
A lot of money doesn't get tracked/reported. So much of business that happens there is through gifts, kick backs, bribes etc. That's why many of them want to take this money and flee before they get caught. On paper they might have $35k, but elsewhere.
Heck it even happens all the way up at the president level, Xi Jinping is reported to have a salary of $22k, do you believe it?
https://qz.com/329584/does-chinese-pres ... 00-a-year/
Deal Fanatic
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Jun 26, 2005
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Only 9% of people lick their forks after eating with it.
Sr. Member
Jan 13, 2009
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fogetmylogin wrote: Not even close to 20% of urban population can afford foreign real estate.
depends on where that real estate is. If we are talking vacant land in the middle of nowhere in a small African country then it may be more than 20%.

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