US fund targets Chinese visa applicants

A Goldman Sachs Group (GS.NYSE) affiliate has opened a fund targeting wealthy Chinese who are looking emigrate to commonwealth countries and the US, The Wall Street Journal reported. JBWere, Goldman’s Australian private-banking unit, will launch the Australia Capital Investment Fund Friday. The fund will take advantage of a change in Australian immigration regulation effective November 24 that allows those that invest a minimum of US$5.2 million in Australian assets such as funds and sovereign debt to get residency. Capped at US$3.12 billion (A$3 billion), it will facilitate a total of 600 visas. Officials at JBWere said the fund has attracted US$520.10 million from 100 applicants so far. The Australian government has not approved the fund. It is being publicized as a means to save prospective applicants the bureaucratic hassle of applying for visas themselves.