Legislators call for more scrutiny on Chinese investment in US

Miami /
Feb.February 21, 2017 05:15 PM

Following a record year of Chinese investment in the U.S., Republican and Democratic lawmakers are calling for more federal scrutiny of future deals.

Encouraged by President Donald Trump’s campaign promises to raise import duties on Chinese goods, legislators are pushing to strengthen the Committee on Foreign Investment in the U.S., or CFIUS, according to the Wall Street Journal. The president’s administration is looking to give the committee more authority to reject technology deals, the newspaper reported.

While Trump said during the campaign that he would raise the duties on Chinese products to 40 percent, he has yet to do so. He and others have argued that allowing the Chinese to invest freely creates an unfair playing field when U.S. companies face restrictions in China.

CFIUS, led by the Treasury, can advise the president to block foreign deals based on national security concerns.

Chinese investment hit a record $45.6 billion last year, according to the Wall Street Journal. In South Florida, large-scale Chinese investment has slowed in recent months. China City Construction Holding Group plans to develop both a major mixed-use project in Brickell and a residential tower in Miami Beach, but neither project has moved into the construction phases.

Chinese investment in New York real estate has bankrolled massive deals in recent years. Chinese insurance company Anbang Insurance Group notably paid $1.95 billion for the Waldorf-Astoria in 2015. [WSJ] – Katherine Kallergis


Related Articles

arrow_forward_ios
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
From left: The Real Deal editor-in-chief Stuart Elliott, Miami-Dade County Mayor Daniella Levine Cava, City of West Palm Beach Mayor Keith James, City of Boca Raton Mayor Scott Singer, City of Miami Mayor Francis X. Suarez and City of Fort Lauderdale Mayor Dean Trantalis
“We’re crushing it, and we’re going to continue crushing it.” South Florida mayors talk growth at TRD Miami event
“We’re crushing it, and we’re going to continue crushing it.” South Florida mayors talk growth at TRD Miami event
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Miami Beach mayor facing ethics complaint for Ocean Drive meeting
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
Daily Digest Miami
Gil Dezer, Related complete Residences by Armani/Casa, hedge funder, wife drop $105M for Palm Beach estate
Gil Dezer, Related complete Residences by Armani/Casa, hedge funder, wife drop $105M for Palm Beach estate
The Vue at Brickell building and Gaston Tomaghelli
Feds freeze Miami condos tied to Argentinian drug trafficking and money laundering scheme
Feds freeze Miami condos tied to Argentinian drug trafficking and money laundering scheme
Joe Carollo and a Coconut Grove House
Busted: City doles out code violations to Miami commissioner’s Coconut Grove home
Busted: City doles out code violations to Miami commissioner’s Coconut Grove home
Dean Trantalis, Ken Valach, and a Alexan Tarpon River rendering
Condo association sues Fort Lauderdale after city rejects plans for downtown site
Condo association sues Fort Lauderdale after city rejects plans for downtown site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...