Gov. Ron DeSantis wants ban on Chinese investors buying land in Florida
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Ron DeSantis warned Chinese property speculators to stay away from the Sunshine State, calling the country a “hostile nation” as he threatened to emulate Canadian Prime Minister Justin Trudeau and ban investors from entering the communist nation.
In a speech on Tuesday, the Republican presidential hopeful said: “We don’t want to have input from hostile nations. If you look at the Chinese Communist Party, it has been very active throughout the Western Hemisphere gobbling up land and investing in different things.”
DeSantis also said it was not in his state’s best interests for “the Chinese Communist Party to own farmland, own land near military bases,” and then asked why Americans would want the communist party to own “residential developments.” or subdivisions”.
In Florida, foreign investors owned 5.7 percent of privately owned farmland, according to the US Department of Agriculture.
Earlier this year, Canada banned most foreigners from buying homes in the country as a means to cool its overheated housing market, especially in cities like Vancouver, which has a large Chinese community. The ban went into effect on January 1.
During his speech, DeSantis went on to say that under his tenure as governor, the state Legislature passed laws barring China-backed Confucius Institutes from funding research at state universities.
The Republican argued that China’s funding efforts are part of a plan to “bring propaganda” to Florida.
The governor continued: ‘I think we’re going to go even further on that. The Legislature only went that far a couple of years ago. I think they’re going to want to do more because [China’s] influence on our society has been very insidious.’
DeSantis accused Chinese investors of harming Florida’s economy and security. He continued: ‘When COVID hit, people needed all these supplies; I think 100 percent of it was made in China. Why would you want to trust a hostile nation for things that are integral to our quality of life and security?’
He described the “decoupling” from China as “very, very significant going forward.”
DeSantis also took aim at Chinese toys after the holiday season, saying, “We have to figure out that Santa Claus may need to not make Chinese toys.” do it here. Do it, honestly, anywhere. But not Chinese.
Speaking with Chinese Communist Party Chairman Xi Jinping, DeSantis said the leader had “taken a much more Marxist and Leninist turn since he ruled China.”
He continued: ‘Obviously, if someone comes in and buys, it’s not the CCP signing this, it’s holding companies and all. But yeah, we don’t need to have CCP influence on the Florida economy.’
DeSantis spoke about his own state saying, “I think we have the 13th largest economy in the world, if we were our own country in Florida, you know, we’re a force to be reckoned with.”
Florida’s governor shares similar views with countries like New Zealand, Australia and Canada, which have imposed taxes on foreign buyers buying property.
New Zealand, where Chinese investment has been blamed for a huge rise in house prices, now levies a 15 percent tax on non-resident buyers.
The July study found that Chinese nationals were the largest foreign buyers of US dollar homes between March 2021 and March 2022.
During his speech, DeSantis said: ‘When COVID hit, people needed all these supplies; I think 100 percent of it was made in China. Why would you want to trust a hostile nation for things that are integral to our quality of life and security?’
Australia imposes a 12.6 percent tax on any foreign buyer who buys a home valued at more than $750,000 and has been doing so since 2017. And in Canada, the government withholds 50 percent of any sale as withholding tax. .
However, the US does not place tax restrictions on foreign buyers, according to UPenn’s Wharton Business Journal.
About half of all property purchased by foreigners is used as a primary residence, with the rest used as vacation homes, second homes, or a pied-a-terre that the owner will visit occasionally.
Data from the National Association of Realtors further showed that 58 percent of Chinese buyers paid for their American properties entirely in cash.
The same survey showed that 52 percent of Chinese intend to use their US homes as their primary residence, and another 25 percent use it as a vacation rental. Meanwhile, the most popular property type for Chinese buyers was detached single-family homes, with 66 percent opting for such a home.
Chinese buyers mostly bought primary residences, while eight percent bought it for student use.
A National Association of Realtors (NAR) report released in July 2022 found that Florida ranked behind California and New York in terms of popularity among Chinese investors.
The 2022 study found that Florida was most popular with Brazilian, Mexican and Colombian investors. Between 2021 and 2022, the state also saw a growing number of Canadian investors.
At the time, DeSantis, 43, was quoted as saying Chinese influence was a “big problem.” The July study found that Chinese nationals were the largest foreign buyers of US dollar homes between March 2021 and March 2022. Investors from China bought $6.1 billion worth of US land during that period, up 30 percent.
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About one in ten preferred townhomes, with the same number favoring condos.
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The land that the Fufeng Group purchased is 20 minutes, approximately 16 miles, from Grand Forks Air Force Base.
In October, Florida Congressman Brian Mast issued a statement urging the Biden administration to take action against Chinese interests buying land near US military installations.
A few months earlier, China-based food producer Fufeng Group bought hundreds of acres of North Dakota farmland just minutes from a major US Air Force base valued at $1.9 billion.
The company plans to build a corn-grinding plant on its newly acquired 300 acres of land in Grand Forks, just 20 minutes down the road from Grand Forks Air Force Base, where some of the world’s leading drone technology is based. country sensitive.
The purchase raised suspicions among military officials, national security experts and lawmakers alike.