'More selective' Canada seen for immigrants

A senior Canadian official said the country is mulling over a more "selective" scheme for immigrant investors in order to tackle the irregularities in its current system, a move that may affect tens of thousands of Chinese immigrants and applicants.

Minimum capital requirement for Canadian hopefuls will be at least double the current level of C$800,000 ($713,000), and a detailed plan will be ready in two months, Canada's Citizenship and Immigration Minister Chris Alexander said during a visit to Shanghai on Saturday.

The minister said the money will be invested as venture capital for private companies under the new scheme, rather than a five-year free loan for Canadian local governments as it used to be, meaning there is a risk for investment to go down the drain.