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.
Cherry Deng, the mother of a 10-year-old boy in Sichuan province, invested in a port construction project in North Carolina through the U.S. EB-5 program. Deng, who used funds from her car dealership business, said she wants her son to learn from the American emphasis on self-reliance. Deng said she sees Chinese parents supporting their children even after they’ve graduated from college — securing for them homes, jobs and, sometimes, even spouses.
