Re:Chinese Money in the U.S. Dries Up as Trade War Drags On
by teunispeters on Sunday July 21, 2019 @03:23PM
(#20493146)
A lot of it turns out to have been money laundering by people trying to either hide income for tax reasons (eg : US 1%) or less legitimate sources - all operating through countries which are good at hiding ownership histories (Eg : China)
It doesn't mean the money's coming from China - it could be coming from the USA or other countries with high incentive for tax evasion. Or it could be coming from money laundering from large scale organized crime.
(RCMP did a fairly thorough trace and report on this not too long back)
Speaking as someone who moved away from Vancouver BC as it became unaffordable. And my income is higher than most Canadians.
It doesn't mean the money's coming from China - it could be coming from the USA or other countries with high incentive for tax evasion. Or it could be coming from money laundering from large scale organized crime. (RCMP did a fairly thorough trace and report on this not too long back)
Speaking as someone who moved away from Vancouver BC as it became unaffordable. And my income is higher than most Canadians.
The "Dirty Money" series breaks this down further, but a not bad link to stories is : https://www.cbc.ca/news/canada/british-columbia/laundered-mo...