From: brewnoser2@gmail.com   
      
   We may not be able to control everything that affects us by Chinese investment   
   in Canada, but we sure as hell can control Canadian bank limits on mortgages   
   and lending to non-resident foreigners.   
      
   Seems the worry for China is the outflow of money from their country to   
   'higher-yield' countries like the U.S. and Canada.  The worry for the U.S. and   
   Canada should be the inflation on real estate prices because of this 'real   
   estate investment' swamp.   
    . . . And thus higher prices for Canadians trying to compete with foreign   
   money in the real estate market.     
   __________________________________   
   Thomson Reuters Posted: Jan 28, 2016   
      
   HSBC halts mortgages to Chinese buying U.S. property amid crackdown from   
   Beijing   
   Move comes after China bans Standard Chartered, DBS from doing some foreign   
   exchange transactions   
      
      
   Europe's biggest lender HSBC will no longer provide mortgages to some Chinese   
   nationals who buy real estate in the United States, a policy change that comes   
   as Beijing is battling to stem a swelling crowd of citizens trying to get   
   money out of China.   
      
   An HSBC spokesman in New York told Reuters on Wednesday that the new policy   
   went into effect last week, roughly a month after China suspended Standard   
   Chartered and DBS Group Holdings Ltd from conducting some foreign exchange   
   business and as authorities    
   try to limit capital outflows.   
      
   China's stock market slump, slowing economic growth and weak real estate   
   prices have encouraged Chinese individuals and companies to try to shift money   
   offshore for higher returns, a headache for Beijing as the capital outflows   
   undermine efforts to prop    
   up the yuan and domestic investment.   
      
   Realtors of luxury property in cities like New York, Los Angeles, and   
   Vancouver, said more than 80 per cent of wealthy Chinese buyers have ties to   
   China.  In the United States, real estate agents and regulators say Chinese   
   buyers often prefer to buy    
   property in cash and they are the biggest foreign buyer.   
   ^^^^^^^^^^^^^^   
      
   Data from the country's National Association of Realtors shows they bought   
   $28.6 billion of property in the U.S. in 2015, up from $22 billion in 2014.   
      
   No such comparable data for foreign buying in the Canadian housing market is   
   currently available.           <<===  ((+_+))     
      
   HSBC declined to clarify which clients would be affected by the change beyond   
   describing the policy as impacting some Chinese nationals.     
      
   Luxury homes news website Mansion Global, which first reported the HSBC policy   
   change, said it would affect Chinese nationals holding temporary visitor 'B'   
   visas if the majority of their income and assets are maintained in China.   
      
      
   HSBC Canada reviewing policy   
      
   In Vancouver, an HSBC spokeswoman said HSBC's Canadian arm already had similar   
   policies in place and was actively reviewing those policies in the context of   
   the local regulatory environment to determine if and what changes are   
   necessary.   
      
   She added that the bank has a very conservative risk appetite and favours   
   customers with strong ties to Canada, or who are building strong ties to   
   Canada. China's State Administration of Foreign Exchange said late last year   
   it would soon launch a system    
   to monitor foreign exchange businesses at banks and put people who tried to   
   buy more foreign currency than is allowed on a watch list.   
      
   Those found trying to purchase more than the maximum $50,000 in foreign   
   currency a year would be placed on a watch list, it said.   
      
   "HSBC fully complies with all applicable regulations in the markets in which   
   it operates and constantly reviews its policies to protect its customers and   
   support the orderly and transparent operation of financial markets," a   
   statement from the London-   
   based bank said.   
      
   HSBC's pivot away from lending to some Chinese nationals abroad comes as other   
   international banks clamor to lend more to wealthy Chinese.   
      
   The Royal Bank of Canada scrapped its $1.25 million cap on mortgages to     
   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^   
   borrowers with no local credit history last year in a bid to tap into surging   
   demand   
   ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^   
   for financing from wealthy immigrant buyers.  A spokeswoman representing RBC   
   in Hong Kong was not immediately able to comment on the bank's Canadian   
   business.   
   __________________________   
      
      
       DON PITTIS: Chinese controls on capital could affect Canada's property   
   market   
       Royal Bank scraps size limit on newcomer mortgages to keep up with Chinese   
   demand   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)