Obama’s nod to China could bring NYC real estate boom

It hasn’t gotten as much attention as his other immigration decrees, but President Obama has agreed to let Chinese citizens apply for multiple-entry business and tourist visas that last for 10 years, not just one. Student visas have also been extended to five years from one.

Reaction to the immigration policy, announced Nov. 12, was immediate in China. There was a 68.2% leap in visas issued in December and January, for a total of 351,650. If these numbers continue, an additional 833,000 visas will be issued, bringing the total to 2.1 million in 2015.

The elite hunger to leave China.

Among the nation’s 2.4 million millionaires, 64% plan to leave and 78% want their kids educated abroad, according to a 2014 poll by Hurun, a Chinese research company.

One thing they’re doing right away — buying real estate and driving up prices in New York.

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