DC/EP

COMBINED NOTES fine cut 04/06/16

VANCOUVERS
MILLIONAIRE MIGRANTS

Montage of luxury life ex URAG

MUSIC

BOAT PARTY

UPSOT 2006.

IAN

They were all mainland Chinese
millionaires who just flocked to this
scheme. It was really just insane.

Vancouver has more than 120,000
Chinese millionaire migrants.

CHELSEA/boat

Chinese brought you great food and

better economy what's there to
complain about?

FOR SALE SIGNS

Could it be too much of a good thing?

KERRY IV/street tour

Im not happy my house is worth 1.5
million. I'm not happy at all.

DC/EP COMBINED NOTES fine cut 04/06/16

IAN

This isnt really an issue about race
this is an issue about wealth.

OR

were talking multi-millionaires here
// They were declaring less income
than refugees in many cases.

TITLE CARD

CHINAS MILLIONAIRE MIGRANTS
+ MAP

12. 6VANCOUVER BEAUTY

0
0
13. 2
4PAM ON STREET

Vancouver on the surface its as
close to perfection as a city gets.

A stunning place set between
mountains and the sea, it attracts
people IMMIGRANTS from all over
the world.

Among them is Pam Zhao her
AFFLUENT Chinese parents sent her
here to study when she was just 12.

14. 2PAM IV
5

17.20
Were you aware at that age that your
family was very wealthy?

Interviewee: Not really because what I
thought was because I knew I had more
allowance than others but I remember I
had my first Chanel wallet when I was 9
or 10 but I didn't know it was a Chanel.
I dont see my family as super loaded or
super rich I just think were at a point
where were satisfied.

DC/EP COMBINED NOTES fine cut 04/06/16

15. 1

Pams family came here under
Canadas Immigrant Investor
programme, which welcomed
foreigners with a net worth of at
least 1.6 million dollars.

And shes far from alone in fact,
there are so many Chinese
millionaires and their children in
Vancouver that the phenomenon has
spawned an online reality show.

And Pam is one of the stars.

16. 2

PAM UPSOT

17. 3

The show is called Ultra Rich Asian
Girls and it documents the lives
and shopping habits of some of
Vancouvers wealthiest residents.

18. 4

-About $140,000
-Do you have one a little better?

19. 5

The programs been viewed millions
of times all over the world one of
its biggest online followings is in
Australia.

20. 6

-This is the Magic Alhambra and its
white diamond. $151,000.

DC/EP COMBINED NOTES fine cut 04/06/16

21. 7


VANCOUVER GVs

These conspicuous consumers are
the public face of a controversial
migration trend

Canadas Investor Visa programme
has seen more than a hundred
thousand Chinese millionaire
migrants move to Vancouver in the
past two decades.

For a city the size of Brisbane thats
an incredible number and

Ive come to see WHAT CHANGES all
the changes THESE MIGRANT
MILLIONAIRES BRING WITH THEM
WHEN THEY MOVE TO A PLACE
THE SIZE OF BRISBANE.

its causing are creating tensions

22. 8
KEVIN @ FLORIST

Hi, Im Kevin. Im the
producer/director. Pleased to meet you.

23. 9FLORIST SHOP

Today, the crew of Ultra Rich Asian
Girls are on location for Season 3 of
the show.

DC/EP COMBINED NOTES fine cut 04/06/16

24. 1
0

Pam, you brought all the girls here, this
is your idea. Right? So lets say, Oh Im
so happy, what are we making today
Logan? And tell us all about it.

I tell?

Ask, ask.

25. 1
1

It was Kevin Lis idea to film the
Vancouverites known in Mandarin as
fuerdai.

26. 1KEVIN IV
2

0.30
The fuerdai is the equivalent to trust
fund kids for the Chinese for the rich
second generation and that translates
to the rich second generation.

27. 1
3

UPSOT We filmed down in Beverley
Hills in LA a couple of weeks ago and

28. 1
4Edit suite

The extravagance of the fuerdai
lifestyle is contentious - both inside
and outside China.

Perfect fodder for reality TV

DC/EP COMBINED NOTES fine cut 04/06/16

29. 1KEVIN IV
5

6.00
There's a huge range of responses from
my show. Anything from utter disgust
to utter fascination. The disgusting part
is the amount of money that's being
thrown around. They're talking about
this Hermes handbag that starts at
$15,000. You just can't have one, you
have to have a few right? People in
mainland China hate this show, the
news hates it, everybody hates it there.
They love talking about it and they'll
continue to watch it so they can find
something they hate about it.

30. 1
6

- Roll again. Three, two and one.
- Everybodys pink?

31. 1Shooting flower segment

7

Audiences may love to hate it but

the shows stars say theyre building
their own personal brands in their
adopted homeland .

32. 2CHELSEA UPSOT

1

See thats why we have so many mean
comments its from the producer.

33. 2FLOWER SHOP

2

This is Chelsea Jiang.

Her family became millionaires
when Chinas newly-privatized
economy boomed in the late 90s.

DC/EP COMBINED NOTES fine cut 04/06/16

34. 2CHELSEA IV
3

So they decided to move to Canada, it's
peaceful, everybody is acceptable, it's
loving. They want to move me into this
environment.

35. 1PAM flower shop shoot

8

PAM UPSOT

36. 1FLOWER SHOP

9

Pam says when she first got to
Vancouver, she found the Chinese
population here foreign

37. 2PAM IV
0

Of course it was mainly people from
Hong Kong or people from Taiwan so
when I got here I was kind of the first
one of the mainlanders who actually got
here. Everybody was still speaking
Cantonese and the Mandarin wasn't so
popular here at all.

38. 2PAM in clothes store?

6More URAG?
File of China/Shanghai/wealth?

In the years since, mainland Chinas
new riches have been pouring
offshore.

450* billion dollars in personal
wealth left the country last year
driven by anti-corruption
crackdowns and fears for the
economy.

Some of that torrent of Chinese
wealth is flowing into real estate
here in Vancouver.

DC/EP COMBINED NOTES fine cut 04/06/16

39. 2UPSOT
7

- Can we go back there?
- Yeah, yeah, walk around. Just watch
your step.

Pams just bought a new house, and
today shes looking for a retail store
to rent.

41. 2UPSOT
9

Can I open this?

42. 3
0

Shes setting up a flower design
business with friends.

43. 3PAM UPSOT

1

- Do the workshop kind of over here.

44. 3HOUSES
2




VANCOUVER SKYLINE

There's no hard data on the impact of
ultra-wealthy migrants on the
property market here but LIKE one
thing is certain, JUST LIKE
AUSTRALIA prices are up. Way up.

The influx has triggered a massive
construction boom across every inch
of downtown.

45. 3PTC
3

The scale of the change here in
Vancouver has left me a little stunned.
When I was last here 17 years ago this
was a low-rise sleepy town now its a
forest of high-rise towers.

DC/EP COMBINED NOTES fine cut 04/06/16

46. 3going to look further into Ians

4stats on this.. re names on
property agreements *

Out in the suburbs, the market is

even hotter.

And unofficial stats suggest that in
some suburbs, two-thirds of buyers
are ethnic Chinese.

47. 3ERIC
5in house

It was originally built in 1930. Its been
renovated in phases over the years and
updated. Nothing in the way of recent
updates.

48. 3
6

Eric Coulombe is showing me around

a house his real estate agencys
selling.

It's nice enough, but not as flash as
its price tag

ERIC
On back porch

As far as the value listed for 2.88
million. And most likely will receive
competing offers, my guess is it will sell
for north of 3 million dollars.

OPEN HOUSE

Eric tells me that on average houses

are selling in just 5 to ten days.

And the new owners will most likely
tear it down, or keep it empty as a
wealth-preserving investment.

DC/EP COMBINED NOTES fine cut 04/06/16

DRIVING



OPEN HOME - TOWNHOUSE

A short drive away I find this ageing
2 bedroom townhouse on the market
for around nine hundred thousand
dollars.

Potential buyer Alix says its tough
for locals to get into the market.

I have 3 kids who are renting, right now
my middle daughter is living with me //
and my eldest daughter is married to a
doctor and she is a doctor herself and
they both can't afford to live on the
west side of Vancouver and that's
where they'd like to live so they're
renting. For the young people, they just
can't live in Vancouver they can't.
IAN walking

It doesn't matter if you're a doctor or

lawyer or whatever

IAN walking

Ian Young is an Australian-born
journalist for the South China
Morning Post whos made Vancouver
his home - and hes been shocked by
what's happening here.

IAN walking

You're not going to be able to afford a
house in this neighborhood at an
average household income of $85,000 -
not if you're funding your purchases
with domestic income and I don't think
they are.

10

DC/EP COMBINED NOTES fine cut 04/06/16

DRIVING

That disconnect between local
incomes and house prices has made
Vancouver the second most
unaffordable city in the world, for 4
of the past 5 years.

IAN driving

If you look at 2015 you look at singlefamily homes it went up 40%. That's got
to be world leading, yknow 40%!

But these rapid changes have
sparked surprisingly little debate
here.

Canadas famously multicultural
society has made a discussion
involving race almost taboo.

IAN IV

60. 1915
0

0
1

22.57
Quite rightly people are very cautious
when it comes to issues with race and
immigration but this isnt really an
issue about race this is an issue about
wealth. It doesnt matter if the buyers
are Chinese or not Chinese, or
immigrants or non-immigrants - what
matters is whether or not theyre
earning domestically, and thats what
fuels unaffordability.

The first Chinese immigrants arrived
in Canada 160 years ago.

They were hard-working laborers
who lived in poverty

11

DC/EP COMBINED NOTES fine cut 04/06/16

KEVIN office walls

What we have here are some of the

documentaries that I've done, which is
about the early Chinese pioneers.

KEVINs office

TV producer Kevin Lis parents came
from Hong Kong in the 70s.

Before making Ultra Rich Asian Girls,
Kevins work often focused on the
local Chinese heritage.

KEVIN office walls

And so this is one of the earliest photos
of Chinese in Victoria and BC.

KEVIN IV

Chinese has been in Canada since the
mid-1800s so it plays huge into the
fabric of Canadian society. Of course,
the Chinese built the railroads and they
volunteered their time and their lives in
the second world war. The Chinese does
play a huge part into Canadian society.

CHINATOWN streets

MUSIC

CHINATOWN streets

Vancouvers Chinese population may
be on the up-and-up - but its
Chinatown isnt..

In fact, I find its shrunk to a couple of
blocks with few signs of life.

12

DC/EP COMBINED NOTES fine cut 04/06/16

DANNY walking

Q: What's going on in terms of
businesses here?

DANNY: Well a lot of the old businesses
have left Chinatown. This one closed up
it used to be a Chinese coffee house but
now they closed up.

DANNY walking

Danny Quon is a 2nd generation
Canadian, of Cantonese descent, and
hes been coming here to the Hon
Hsing Athletic Club since he was a
young boy.

DANNY showing wall photos

This black and white photo dates back
to 1939 and it's the founding of our club
by the Wong Society.

CLUB interior
Lion heads


weapons

Danny teaches lion dancing, and
there are also traditional martial
arts classes here.

But there are hardly any students.

Danny says the Cultural Revolution
in China, means most young
mainlanders he meets dont identify
with the old traditions.

13

DC/EP COMBINED NOTES fine cut 04/06/16

DANNY IV

Many of these parents grew up in a time
in China when practicing your own
traditions and heritage was frowned
upon by the communist government.
You can see this domino effect, if the
parents weren't taught that how could
their children be taught that.

CLUB interior
Ancestor paintings

Despite being ethnically Chinese,

Danny feels a cultural disconnect
with the millionaire migrants.

73. 1DANNY IV
3

0
0

Chinese mainland immigrants today
seem to only focus on the trappings of
wealth. They like to flaunt their new
found wealth through expensive cars,
real estate and that's not to say there's
anything wrong with that. When it
comes to connecting with their own
culture and heritage Id be surprised to
find, at least the ones I've met, any who
are in tune with their own culture.

PAM

I never buy stuffs from Chinatown, I
dont really go there.

URAG ep

Pam, one of the stars of the reality
show Ultra Rich Asian Girls, recently
visited Vancouvers Chinatown for
her first time in 13 years here.

14

DC/EP COMBINED NOTES fine cut 04/06/16

PAM IV

Keep it the way it is but to us that's not
even what we lived in. I see it that looks
pretty old I haven't really seen
buildings like that before.

DANNY IV

Q: Are you disappointed that the new
immigrants aren't engaging more with
organizations like this?

DANNY: I am a little bit disappointed
because you try to reintroduce this to
them their culture and they find it
foreign. They find it if I could use the
term distasteful.

Club walls



Cranes

Ironically the influx of millionaire

mainlanders could end up being the
death of Chinatown institutions like
Hon Hsing.

Skyrocketing property prices are
slowly making their land taxes
unbearable.

DANNY IV

We operate totally on donations of our
members and when you have a property
tax bill that's in the 5 figures it's kind of
hard.

Interviewer: Is that putting a strain on
them?

Interviewee: Not yet but I foresee in
the near future if things don't give yeah
it could be a deal breaker.

15

DC/EP COMBINED NOTES fine cut 04/06/16

-Chateau Latour, the Pomerol 1995.
-Perfect. Good choice.

The stars of Ultra Rich Asian girls say
theyre not bothered by criticisms of
their lifestyle and wealth.

CHELSEA iv

Resentment is already out there. I'm not
worried about it because I only need to
deal with people whom have the
wisdom, that can see the truth or can
see what's really going on.

PAM iv

Season one people were judging saying
oh these people are a waste of the city
and wasting resources and they're just
living based on what's given but that's
actually not true.

Pams defying the stereotype by
becoming an entrepreneur in her
own right.

UPSOT - PAM & friends in

Starbucks

looking at packaging

Black and white? Yeah, black and white.
And then maybe natural colour.

PAM & friends

Today shes picking out packaging

for the business shes starting with
family money.

Their flower shop will pay local taxes
once it turns a profit.

16

DC/EP COMBINED NOTES fine cut 04/06/16

CHELSEA UPSOT

And its 100% organic cotton.

CHELSEA office

Chelsea has also started a business
an online store for new mothers.

But while some of the fuerdai
generation are diving into Canadas
economy some say theyre the
exception among millionaire
migrants.

IAN iv

The primary breadwinners that arrived
under these programmes, and were
talking multi-millionaires here were
only paying an average of 1400 dollars
in income tax each year. They were
declaring less income than refugees in
many cases.

IAN at computer

Yeh, the government doesnt like
sharing a lot of this information either

IAN in office

Journalist Ian Young has been closely
following Canadas Immigrant
Investment Visa program, which
peaked in 2010.

IAN at computer

There were 35000 applications that
year and virtually all of them, basically
they were all mainland Chinese
millionaires who just flocked to this
scheme. It was really just insane.

17

DC/EP COMBINED NOTES fine cut 04/06/16

IAN in office

Ians research has found that the
businesses started by millionaire
migrants employ on average a grand
total of 1 person.

IAN iv

I think its pretty clearly the immigrant
investment program has just been
abject failures in terms of fostering
economic growth and in terms of
fostering business growth and jobs.

GRAPHIC
##Can we do a little animation
graphic for this? I can storyboard
what Im thinking.

While the Canadian government has
never described it as a failure the
federal investor visa program has
now been shut down all together.

But in a uniquely Canadian quirk,
Quebec is allowed to run its own
migration policy.

It allows thousands of millionaires to
migrate each year provided they
make an eight hundred thousand
dollar loan to the Quebec
government

But once theyre on Canadian soil,
90% of the millionaire migrants
leave Quebec.

KERRY walking down her street

This house was recently bought here.
This is a new style here.

18

DC/EP COMBINED NOTES fine cut 04/06/16

KERRY walking

Kerry Starchuk believes the ongoing
influx is not just failing the
economy its destroying her
community.

KERRY walking

The prices go up by the day so its hard
to keep up.

KERRY walking/houses

Kerry says at least ten houses on her
street are now empty bought by
millionaire migrants as investments.

KERRY walking

You can see the lights go on and
everything, but there's nobody there.
// It just sold for one-nine, and its still
nobody living in it. //That one's empty
too. //Never ever seen anybody in that
house.// And it sat empty for 5 years,
and it still sits empty.

Kerrys house

Kerrys family have been here four
generations - but now she says the
sense of community has evaporated.

And the fact that her own modest
house has skyrocketed in value is no
compensation.

19

DC/EP COMBINED NOTES fine cut 04/06/16

KERRY IV

Im not happy my house is worth 1.5
million I'm not happy at all because I
have to pay more taxes, my kids are
never going to be able to afford to live
here and we're losing our community.
No I'm not happy money has taken
precedence over our neighborhoods.

KERRY pulling volume from

shelves

This one here is all the letters I have
written to the politicians. Its not good
news. LAUGHS

KERRY showing letters

KERRY on Facebook

Kerrys been channelling her
frustration into activism but the
local mayor simply told her to take
the money and move.

And her Facebook group and media
appearances havent always been
well received.

One lady picked my name up and called
me a white supremacist and a racist.
And I was really, really hurt I lived in a
multi-cultural community here, my best
friend is Chinese, my daughter in law is
from Japan.

Some suspect the accusations of
racism are a convenient cover for
greed.

20

DC/EP COMBINED NOTES fine cut 04/06/16

IAN iv

We've seen the development industry
here very very keen to push this notion
that this is a form of Yellow Peril-ism.
Its been quite striking you have this
coterie of wealthy white investors
accusing people of being racists.
Because they're raising concerns about
the impact of millionaire migration, of
selling passports.

MEETING HALL exts

The speed and intensity of the boom
has left many searching for answers.

Tonight, concerned locals are filing
into a community meeting.

PROF LEY - UPSOT

The typical Chinese investment
portfolio is half real estate. So real
estate is an important part of the
story

21

DC/EP COMBINED NOTES fine cut 04/06/16

PROF LEY talk

Professor David Ley has been
studying immigration and housing
market bubbles around the world.

He believes that while Australia is
facing similar forces, its attempting
to legislate against the boom - while
Canada isnt.

PROF TALK UPSOT

Melbourne yesterday doubled a tax
from 3% to 7% on foreign buyers.

PROF LEY talk

While the situation feels dire to the
people here tonight David is quick
to remind me that these migrations
are a regular feature of human
history.

DAVID LEY after meeting

You go back one generation it will be
the US. You go back a 100 years in
Australia or Canada and it will be the
UK. It is just where we are today.

CHELSEA walking boardwalk to

boat

With their enormous wealth and
provocative tv show, these reality
stars could make for easy targets.

Fate has made them the designerclad vanguard of global forces
beyond anyones control.

But its a role theyve decided to
embrace.

22

DC/EP COMBINED NOTES fine cut 04/06/16

CHELSEA iv

I totally understand, it feels like there's
a rush of water coming to the land, all of
a sudden you're not living in dry land
anymore you're living in the ocean. I
totally understand that but then hey,
time changes, Everywhere it changes.
You can not blame it on anything.
Chinese brought you great food and
better economy what's there to
complain about?

BOAT PARTY

UPSOT champagne popping

CHELSEA AT BOAT PARTY

After generations of economic
weakness, China is now flexing its
financial muscles and enjoying the
good life - like every empire and
superpower before it.

Its up to its neighbours around the
world to figure out how to cope with
the new guests at the partyand for
the guests to figure out how theyre
going to fit in.

CHELSEA iv

In Vancouver I feel I'm fully at home.
You know why? Because Vancouver is
caught changing from Canadian to
Chinese town actually. For myself I'm
caught in between Chinese and
Canadian.

BOAT PARTY cruises into the
sunset

Avoiding becoming no more than a
resort town stranded in the middle,
will be Vancouvers challenge for the
years ahead.

23