China Just Bought Up Major US Conservative State

It is not publicized much in the U.S. news media, but China is buying up American homes in large quantities,

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Investors from China topped the list of overseas buyers of U.S. homes in terms of dollar value for the tenth consecutive year, according to the 2022 National Association of Realtors report.

Chinese buyers have purchased $6.1 billion of U.S. homes in the last 12 months, a 27% increase from a year ago when they purchased $4.5 billion worth of existing U.S. homes.

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Chinese investments account for 6% of purchases from foreign buyers.

Of Chinese buyers, 58% completed their purchases all in cash.

The report indicated that Chinese investors also pay the highest average purchase price of all international buyers.

This is not just a recent phenomenon.

In fact, The Toronto Star reported on the trend in 2013.

It seems the Chinese were beating the Canadians in regard to buying up properties.

At the time, Canadian real estate investors were noticing that houses and condos in Florida were being snapped up by Chinese investors before Canadian buyers could get to them.

Dubbed “Canadian snowbirds,” buyers from America’s neighbor to the north have long shown a penchant for real estate in Florida.

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Foreign buyers spent $58 billion on purchases of U.S. homes in the 12 months before March 2022, up from the previous year, when foreign buyers bought $54.4 billion worth of U.S. homes.

But while Canada is a friendly nation, others not so friendly are increasing purchases.

China in particular, arguably the United States’ number one international enemy, increased spending on U.S. real estate by $1.6 billion.

“House prices grew 8 percentage points more in U.S. zip codes with high foreign-born Chinese populations from 2012 to 2018,” according to a paper by the National Bureau of Economic Research.

A 2022 report from the National Association of Realtors (NAR) showed that Florida accounted for 45% of the land purchased by investors from Canada. Then, the competition came from Beijing.

Investors from Beijing recently have been aiming towards a new target for their real estate ventures, reports indicate.

China has been buying properties in certain states but is now expanding to other states.

Moving beyond only making purchases in states like California and New York, Chinese investors are buying up vast swaths of real estate in Florida — a state that has made headlines in recent years for opposing COVID-19 lockdowns and adopting other right-of-center policies at the state level.

In some cases when competing with Americans for purchases, U.S. citizens have lost out to the Chinese, since the Chinese will seal the deal sight unseen over electronic communication.

“Some of our clients got beat out recently because they were waiting to book flights. Some Chinese investors bought up 35 (townhouse-condo) units without even flying in first,” Wayne Levy of the Toronto-based Florida Home Finders told The Star.

“They looked at a picture. They wrote cheques. That’s what’s happening now,” Levy said.

In the short length of a year, that has changed.

In 2022, however, NAR’s report found that for Chinese buyers, Florida ranked as their fourth most popular destination for purchase, accounting for 7% of those purchases.

Florida was the top destination for foreign buyers in general, both in 2022 and the previous year. The percentage of land in the state bought by international investors increased by 2% in 2022 from what it was in 2021.

The governor of Florida, outspoken on the subject of what is best for his state and the country, was not at a loss for words, nor was Florida’s Attorney General.

In July, Republican Gov. Ron DeSantis of Florida called out China for buying up massive amounts of American farmland.

“I don’t think they should be able to do it,” DeSantis said.

Florida’s Attorney General Ashley Moody also weighed in on the reports, calling them “shocking” and noting that Florida has relatively few restrictions on foreign buying of land in the state, unlike China itself, Daily caller reported.

“Florida has no restrictions. Now compare that to China. China does have restrictions on foreign investment,” Moody said on Fox Business. “There is no doubt our policies are self-sacrificing and outdated, they leave us vulnerable.”

China is actually becoming more restrictive with its own laws.

China has restricted over a million mainland investors from “trading onshore shares via the stock connect programs with Hong Kong,” in rules that take effect July 25.

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That it is easily allowed for Chinese and other foreign investors to buy American land, and competing with citizens for the land, is making it harder for Americans to own homes.

That problem is about to get much worse in the Sunshine State, as Chinese investors turn to Florida for their newest real estate ventures, but as Florida is aware of the issue and the high-profile nature of the purchases exist, there will be more to come.