The wide-ranging ban on the purchase of residential property by non-Canadians for two years has quietly come into effect, catching even some real estate agents off guard.
ChinaCanada calling? Hong Kong residents shift billions abroad after clampdown
Nichola SaminatherSarah WuNichola SaminatherSarah Wu
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A man walks past New Hong Kong Supermarket in Richmond, British Columbia, Canada January 26, 2021. Picture taken January 26, 2021. REUTERS/Jennifer Gauthier
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As China imposed a sweeping national security law in Hong Kong last year after massive protests, residents of the city moved tens of billions of dollars across the globe to Canada, where thousands are hoping to forge a new future.
Capital flows out of Hong Kong banks reaching Canada rose to their highest levels on record last year, with about C$43.6 billion ($34.8 billion) in electronic funds transfers (EFT) recorded by FINTRAC, Canada s anti-money laundering agency, which receives reports on transfers above C$10,000.
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