Governor Ron DeSantis wants to ban Chinese investors from buying land in Florida

Ron DeSantis warned Chinese real estate speculators to stay out of the Sunshine State and called the country a “hostile nation” as he threatened to emulate Canadian Prime Minister Justin Trudeau and ban investors from the communist nation.

In a speech on Tuesday, the Republican presidential candidate said, “We don’t want any involvement from hostile nations. If you look at the Chinese Communist Party, they’ve been very active throughout the western hemisphere, gobbling up land and investing in various things.’

DeSantis also said that it was not in his state’s best interests for “the Chinese Communist Party to own farmland, land near military bases,” and then questioned why Americans would want the Communist Party to own “housing settlements or… subdivisions”.

In Florida, foreign investors owned 5.7 percent of privately owned farmland, according to the US Department of Agriculture.

Earlier this year, Trudeau banned Chinese and Indian foreign investors from buying houses in the country to cool off their overheated housing market. The ban came into effect on January 1st.

Trudeau introduced the ribbon after immigrants drove home prices up 38 percent. Census data released in October showed that immigrants now make up 23 percent of the population, with most hailing from Asia – leading many industry experts to believe there is a connection.

During his speech on Tuesday, DeSantis said the state legislature under his administration had passed legislation banning the 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 further. Legislators only went that far a few years ago. I think they will have an appetite to do more because [China’s] Impact on our society was 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 it’s 100 percent made in China. Why would you want to rely on a hostile nation for things essential to our quality of life and security?’

He described the “disengagement” from China as “very, very significant for the future.”

DeSantis also targeted Chinese toys after the holiday season, saying, “We need to figure out that Santa might not have to make Chinese toys. do it here Honestly, do it anywhere. But not China.”

Canadian Prime Minister Justin Trudeau, pictured with President Joe Biden, on Tuesday banned Chinese investors from buying property in his country

Speaking to Chinese Communist Party President Xi Jinping, DeSantis said the leader has “taken a much more Marxist, Leninist turn since ruling China.”

He continued, “Obviously when someone comes in and buys, it’s not the CCP who signs it, it’s holding companies and so on. But yeah, we don’t need CCP influence in Florida’s economy.’

Addressing his own state, DeSantis said, “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 views similar to countries like New Zealand, Australia and Canada, which have imposed taxes on foreign buyers buying homes.

New Zealand, where Chinese investment has been blamed for a huge rise in property prices, now levies a 15 percent tax on non-resident buyers.

The July study found that between March 2021 and March 2022, Chinese nationals were the top foreign dollar-denominated US home buyers

During his speech, DeSantis said, “When COVID hit, people needed all these supplies; I think it’s 100 percent made in China. Why would you want to rely on a hostile nation for things essential to our quality of life and security?’

Australia has levied a 12.6 percent tax on every foreign buyer who buys a home worth more than $750,000 since 2017. And in Canada, the government collects 50 percent of each sale as a withholding tax.

However, according to the Wharton Business Journal of UPenn, the US does not impose tax restrictions on foreign buyers.

About half of all properties that foreigners buy are used as a primary residence, with the rest being used as a holiday home, second home, or second home that the owner visits occasionally.

Data from the National Association of Realtors also showed that 58 percent of Chinese buyers paid for their American homes entirely in cash.

The same survey found that 52 percent of Chinese intend to use their US homes as their primary residence — another 25 percent use them as vacation rentals. Meanwhile, detached single-family homes were the most popular property type among Chinese buyers, with 66 percent choosing one.

Chinese buyers mainly bought primary residences, while eight percent bought it for students

A National Association of Realtors (NAR) report released in July 2022 found that Florida ranks behind California and New York in terms of popularity with 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 an increasing number of Canadian investors.

At the time, DeSantis, 43, was quoted as saying Chinese influence was a “huge problem.” The July study found that between March 2021 and March 2022, Chinese nationals were the top foreign dollar-denominated US home buyers. Investors from China bought US land worth $6.1 billion during the period, up 30 percent.

Around one in ten prefers terraced houses, just as many prefer condominiums.

The land that Fufeng Group bought is 20 minutes, about 16 miles, from Grand Forks Air Force Base

In October, Florida Congressman Brian Mast issued a statement calling on the Biden administration to take action against Chinese interests buying land near US military facilities.

A few months earlier, China-based food producer Fufeng Group bought hundreds of acres of farmland in North Dakota, just minutes from a major US air force base, sparking national security fears as the communist country expands its nearly 200,000 acres of US farmland 1,9 worth billions of dollars.

The company plans to build a corn milling facility on its newly acquired 300-acre property in Grand Forks, just 20 minutes down the road from Grand Forks Air Force Base, home to some of the country’s most sensitive drone technology.

The purchase raised suspicions among military officers, national security experts and lawmakers alike.