Society
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More Chinese rich people join the trend to pursue American permanent residency by making investments in the United States. But they may be victimized by financial traps set up by domestic immigration agencies and foreign investment organizations, local expert warned.
Qi Lixin, chairman of Beijing Entry & Exit Service Association, said the number of applicants for the US EB-5 visa through investment almost doubled in 2009, from around 500 last year to over 1,000 this year. The main reasons for them to do so are to provide a better education environment for their children and to look for further business opportunities.
"Only people with personal assets of over 10 million yuan can afford investment immigration," Qi said.
The EB-5 visa for Immigrant Investors provides a method of obtaining a green card for foreign nationals who invest money in the United States. Applicants should invest at least $500,000 in certain investments or regional centers with high unemployment rates.
"There usually exists a hidden problem for EB-5 visa applicants. As far as I know, there are more than 70 US regional center programs attracting investors in China. They said they can return customer's money in five years' time," Qi said, "But if losses occur, which side can assure Chinese applicants to get their $500,000 back on time? The domestic agency, or foreign investment organization?"
Qi said in most contracts signed by investors and immigration agencies, there was no specific provision to prevent investors from being exposed to heavy losses.
Read more: Chinese investers go for USA Green Card under Risk
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If you do research online you will find out the old profession is somehow a promising industry in China. It goes well since 1980, the reform year. But wait, let's check the history of the old profession in China:
Prostitution flourished in 14th-century China as wealthy Ming Dynasty officials visited mistresses, kept concubines, registered brothels and taxed courtesans. But by the late 1940s, Communists were campaigning against prostitutes -- along with other "socially unreliable" groups such as bandits, opium-smokers and adulterers -- by monitoring people's housing, hairstyles and makeup.
Now let's take a overview of this topic on wiki:
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China revised the volume of its gross domestic product (GDP) for 2008 to 31.4045 trillion yuan (US$4.45 trillion) from the previous 30.067 trillion yuan (US$4.26 trillion), the National Bureau of Statistics said Friday.
The revision will have a small impact on China's 2009 economic growth, Peng Zhilong, director of the national economy accounting department under the bureau, told reporters at a news conference after China carried out its second economic census.
China's economic growth in 2008 is 9.6% changed from 9.0%, an official at the National Bureau of Statistics said Friday.
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Cheng Mingliang press his finger print on confession
Gangsters under custody
Former district legislator and business tycoon Chen Mingliang, accused of running a mafia-style gang, was brought for his trial under heavy security, as hundreds of residents crowded the gates of the court to witness the proceedings yesterday.
Chen, 52, with his 34-member gang, faces 16 charges of abetting prostitution, drug trafficking, murder and corruption.
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Akmal Shaikh will be executed in China 2009.12.29, it seems like the Chinese court want him to have a Christmas before his execution.
In Yahoo's report on 22 Dec. 2009, "China says trial for condemned Briton was fair", the report author "CARA ANNA" using a partial tone to cry for that Briton, Akmal Shaikh, who selling Heroin in China.
Here is that report:
China on Tuesday dismissed an appeal from Prime Minister Gordon Brown to spare a British man set to be executed next week for drug smuggling, saying he had a fair trial despite concerns he suffers mental health problems and was duped into the crime.
Akmal Shaikh, 53, was sentenced in a half-hour trial in October 2008 for taking a suitcase containing almost 9 pounds (4 kilograms) of heroin into the far western Chinese city of Urumqi. China's highest court has rejected his appeal and his execution is set for Dec. 29.
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