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Call him the Chinese millionaire hunter.

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Allegations of Bank of China money-laundering has uncovered a scheme to sidestep currency restrictions that is fuelling property booms in Canada, U.S. and Australia.





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Berrick Wilson is one of at least 30 fund managers who have jumped into the business of luring China’s wealthy to Australia using a new visa program that helps Chinese invest abroad. Wilson has flown to China three times this year from the Melbourne headquarters of investment firm KordaMentha Pty. He’s looking for millionaires to invest at least A$5 million ($4.7 million) and qualify for residency, which gets around China’s restrictions on converting currency and sending it abroad.

“The interest is increasing by the day,” said Wilson, who planned to make his fourth trip this week to corral Chinese investors into the firm’s commercial real estate fund targeted at $100 million and aiming for a 9% annual return. Referrals in Shanghai, Beijing and Shenzhen have netted miners, property developers and agribusiness entrepreneurs, he said.