Lobbyists for groups representing real estate giants, including Steve Ross’ affiliates and Barry Sternlicht’s Starwood Capital, want to repeal a Florida law passed this year restricting foreign investment from China and other countries. I’m here.
The Real Estate Roundtable, a lobbying group that also represents Blackstone, Citigroup and Wells Fargo, is pressing lawmakers to ease restrictions contained in the Concerned Foreign Countries Act, according to Bloomberg Law. The law bans nearly all purchases by Chinese and China-based companies and restricts real estate investments from buyers from other “countries of concern,” including Venezuela.
Gov. Ron DeSantis signed Senate Bill 264 in May and it went into effect on July 1.
It also restricts the use of Chinese capital to finance projects in the state, even if the landowner is a non-controlling minority shareholder in a real estate transaction. Lennar has delayed at least two developments in Florida due to regulations, according to Bloomberg.
Earlier this year, lobbyists for billionaire hedge fund manager Ken Griffin and others lobbied lawmakers to loosen restrictions on home purchases. Griffin was once one of DeSantis’ biggest political donors.
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Related Group Developer Jorge Perez (D) said this is an overreach. Perez said investments should “flow freely” and that his limited partners would not control his projects.
“It’s really creating something out of nothing,” he says.
Earlier this year, a Chinese group sued Florida officials over the law, claiming it was discriminatory, unconstitutional, and in violation of the Fair Housing Act.
— Katherine Kalergis