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New efforts to bar Chinese citizens and others from owning property in Texas and other states echo the treatment of Asian people in the US more than 100 years ago, when Congress barred them from obtaining citizenship and multiple state laws restricted land ownership.
- In Virginia, Gov. Glenn Youngkin is expected to sign legislation to bar citizens of countries the State Department has designated as “foreign adversaries” from owning agricultural land. Companies with deep ties to those countries would also be affected. Those countries currently include China, Russia, North Korea and Iran. There are similar proposals in Montana, Wyoming and North Dakota. Foreign owners control a fraction of US farmland, according to the Congressional Research Service.
2023-02-18 00:19:42
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Increasingly, states around the world have been implementing measures that effectively ban Chinese citizens from purchasing property. This trend is not a recent one – restrictions on foreign real estate ownership, particularly from China, have occurred throughout much of history. This article will provide an overview of this recurring trend and explore the reasons behind it.
In the early 20th century, Japan and Russia both implemented regulations to deny Chinese nationals the right to purchase real estate in certain areas. Similarly, colonial powers at the time, such as Great Britain and France, also enacted rules to limit Chinese land ownership. This was done in an effort to maintain control over the area’s resources and ensure the dominance of the colonial powers.
In recent years, this trend of restricting foreign real estate ownership has seen a resurgence in various countries. Countries such as Canada, the United States, the United Kingdom, and New Zealand have all implemented policies that effectively ban Chinese citizens from purchasing property. These restrictions are often justified in the name of security and protecting the nation’s national interests.
In addition to national security concerns, another possible motivation behind these laws is a protectionist desire to limit competition in the housing market. These restrictions often result in a surge in local property prices as foreign real estate investors are excluded.
While many countries have pursued these restrictions on Chinese real estate purchases, some have instead moved in the opposite direction. For example, countries such as Malaysia and Thailand have recently relaxed the restrictions on foreign ownership in an effort to attract foreign capital.
Overall, this trend of denying Chinese citizens the right to purchase property is one that has recurred throughout much of history. It’s understand that countries want to protect their national interests and citizens from potential threats, as well as to protect their local markets from competition. How countries choose to approach this issue will likely vary from country to country, with some taking a more restrictive tack and others moving in the opposite direction.