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“It is a growing industry and we do need more oversight,” said Stephen Yale-Loehr, an expert on the program and a professor at Cornell Law School. “EB-5, when it is done properly, can and does benefit the economy.”

THE LURE OF A GOLDEN VISA

The number of Chinese using investment migration programs worldwide tripled between 2010 and 2015, the AP found among the countries in its survey . In the last decade, Chinese have taken 75 percent of the investor visas issued by the United States, 70 percent for Portugal and 85 percent for Australia. China also remains the top recipient of investor visas in Canada, the United Kingdom, New Zealand, Spain, Hungary and Malta.

To be sure, those migrating make up only a small fraction of the around 18 million households that could be considered upper-middle-class or wealthier in China, but they echo the laments of many better-educated, urban Chinese.

“Middle-class investors’ choosing to leave shows that their confidence in their future, their dreams and the regime in China is fading,” said Zhang Lifan, an independent political scholar in Beijing.

China’s “golden visa” investors are part of a wave characterized not by poverty, persecution or war, but by people with steady jobs and homes who are pursuing happiness that’s eluded them in their homeland.

After decades of economic mismanagement and political upheaval, the ruling Communist Party reversed some of its most destructive policies and unleashed a four-decade-long economic boom in the 1970s. That growth lifted 500 million people out of poverty and vaulted generations of Chinese from peasantry into relatively well-paying manufacturing or service jobs. More than 3 million households in China now have an income of more than $34,000 a year, according to the consultancy McKinsey & Company.

Key to their spending power is China’s real estate boom. Real estate prices in China’s largest cities have more than tripled in the last decade, with prices in Beijing rising by an average of 25 percent a year during that time. Since late 2015 alone, Beijing’s home prices have jumped 63 percent, making a 1,300 square-foot (120 square-meter) apartment worth more than $1 million.

A family that gained ownership of an ordinary apartment more than a decade ago can now sell it for the price of a “golden visa.” And as their dissatisfaction with China’s problems grows, more families are choosing to do so.

Like Liu, many of about a dozen investors or prospective investors interviewed by the AP say they don’t want their children to struggle in China’s rigid and intensely competitive education system, which emphasizes rote learning and can stifle creativity.