Chinese ‘golden ticket’ millions eye Australian mining assets

Chinese “golden ticket” visa money is looking for a home in Australian mining assets, with local private firms sounding out advisers on copper and gold assets to on-sell to visa hopefuls, often at a hefty premium.

Sell side advisers told Fairfax Media that they have been fielding approaches from private domestic companies on West Australian assets priced around $2 million, and the firms are initially opaque on funding details.

After some probing by advisers, it has come out that the firms’ plan to immediately on-sell the assets to Chinese millionaires, usually at a nice mark-up to satisfy Australia’s $5 million significant investment visa threshold.

The significant investor visa program – introduced in 2012 – provides residency visas to Chinese and other millionaires if they invest $5 million in one of three classes of approved assets in Australia.

The Australian Financial Review

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