Chinese people appear to be losing interest in a controversial American visa program that has funneled billions of dollars to U.S. real estate developers.
For years, Chinese citizens have overwhelmed the EB-5 program, which grants U.S. green cards to foreigners who sink at least $500,000 into investments that create jobs.
Their enthusiasm for the program -- often referred to as the "golden visa" -- has resulted in tens of thousands of applications. But people in the industry say they have witnessed a significant drop in Chinese demand for the visas this year because of long waits and Beijing's efforts to make it harder to move money out of the country.
"China is a victim of the popularity of the EB-5 program," said Ronald Klasko, an immigration lawyer based in Philadelphia.
The visa program appeals to wealthy Chinese citizens as a way to move money out of the country and also to secure better opportunities for their children.
The surge in interest in recent years has caused a massive backlog, meaning applicants now have to wait many years for a green card. That situation -- combined with Beijing's efforts to limit money flowing out of China -- is making some potential investors think twice, experts say.
The increased wariness comes amid uncertainty over the future of the EB-5 visa. It was set up in 1990 to boost the U.S. economy but has been criticized for lacking transparency and channeling money into wealthy urban areas.