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Rich Chinese investors give €20.8m to housing charity in return for residency status in Ireland

52 donors hand €400k each to housing charity

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Chinese investors have donated more than €20m to an Irish social housing charity in return for residency status in Ireland.

Fifty-two Chinese millionaires endowed €400,000 each to the iCare social housing body as part of the Government's immigrant investment scheme.

The money will buy a minimum of 165 homes and up to 320 if borrowings are secured against the funds, according to iCare.