The American dream of the Chinese rich
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Selling the program
In Beijing, wealthy parents like Cao Zhenghe went to information sessions and promotions for US investor immigration programs, looking for opportunities that can help their children have a better future in the United States.
"Are you also here for your kid?" Cao asked a middle-aged woman who sat next to him during an information session. She nodded yes. During two days of information sessions for investment immigration projects, Cao met several parents who had already sent their children to study in the United States.
"We don't chat a lot with each other, you know, because of privacy concerns," Cao said.
For many wealthy Chinese, investing $500,000 into a US government designated regional center program is one of the most convenient ways to reach their American dream, or for their kids.
Cao, 45, came to Beijing on June 10 and went to a session hosted by Beijing Worldway Immigration Service Co, to learn about a regional center program about a gold mine in Idaho. He flipped through the brochure and jotted down notes and questions as immigration consultants and representatives from regional centers continued to sell him on the project.
Although he was told that his money will be safe and he can buy out his investment after five years, Cao knows that many of these projects bear a certain risk. He is finding it difficult to choose the right one. "I'm getting tired of these meetings now," Cao said.
As an owner of an iron mine in Hebei province, Cao understands the mining business more than most of the participants. But he doesn't really understand how the business is running in the United States, and doesn't have relatives in the US except for his 21-year-old son who is currently studying in California.
"The first generation of immigrants is not going to be easy. But when he has his own family, life will be better for his children," Cao said.
He is determined to support his son's decision to get a green card.
"I don't know what he is studying there; he is quite independent and finished the college application all by himself," Cao said.
Immigration Lawyer David Fang warns that most centers haven't been operating long enough to complete their projects or establish an investment track record. He fears that many projects marketed to investors "won't be successful in terms of job creation, and investors will be unable to get their money back, or even lose their green card."
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