US in meltdown as Chinese businessman emerges as 2nd biggest non-American landholder in the country
Foreign land ownership has been a sensitive issue in the US and it is set to boil again with the US 2024 elections. Amidst this, a Chinese national has shockingly emerged as the 2nd biggest landholder in the non-American category.
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FollowLand ownership has been a sensitive topic for some years in the US due to the increasing ownership of foreign businesses. Moreover, most of the lands owned by the foreign entities is agricultural land which according to many Senators emerges as a major risk to the United States’ security. Amidst the sensitive issue being raised before the US elections 2024, a piece of shocking news has emerged.
According to the latest taxation records of Oregon State, Chen Tianqiao has appeared as the 2nd biggest non-American landholder in the country. The Chinese national holds about 198,000 acres (80,127 hectares) of Oregon timberland which also makes him the 82nd largest landholder in the US. Only the Irving family of Canada holds more property than Chen Tianqiao in the list of non-Americans.
The Chinese national made big fortunes through the gaming industry and then diversified his investments in various countries. Chen Tianqiao's Shanda Interactive - an online gaming company became an instant hit in China during the early 2000s and also registered in the US’ Nasdaq index. According to fresh data, Chinese citizens own about 0.3 percent of land in the US. The land ownership from the Chinese side increased multifold in recent years. Beijing instructed Chinese businessmen to buy agricultural lands in the US.
As a result of that, foreign land ownership became a major issue in the domestic political arena. The Senate last year voted to end the sale of land beyond a certain acreage or value to people and businesses from hostile countries such as North Korea, China, Russia, and Iran. However, the law has not been signed into effect and is still awaiting final approval.
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