Lawmakers enraged after Chinese Communist party member purchases 200,000 acres of US land
Chen Tianqiao
A week after it was revealed thatChinese billionaire and member of the Communist Party of China (CCP), Chen Tianqiao managed to become the second-largest foreign owner of farmland in the US, leaders from both ends of the political divide have started asking questions.
Chen, a co-founder of Shanda Interactive Entertainment, made headlines last week after it came to light that he bought 200,000 acres of farmland in Oregon in 2015 at about $430 an acre.
Questioning the current regime,New York Republican Congresswoman Elise Stefanik said the Biden administration had "dropped the ball" in protecting the precious American agriculturallands.
“Communist China is purchasing US agricultural land to subvert our sovereignty, undermine our agriculture industry, encroach on our military installations, and upend America’s rural communities,” saidStefanik.
She was among a group of bipartisan legislators who wrote to Agriculture Secretary Thomas to protest the federal government's lax oversight of foreign land purchases.
Meanwhile,Montana SenatorJon Teste urged Congress to protect US land security.
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“While we learn more about the specifics around this unfolding situation, it highlights the need for Congress to do more to protect American agricultural security,” he said.
The surprising aspect is that Chen's purchase does not appear in government records.According to theAgricultural Foreign Investment Disclosure Act, foreign investors are required to report any new interest in American agricultural land to theDepartment of Agriculture within 90 days of the transaction.
Watch |Ex-Chairman of China's Everbright group expelled from CCP
Who is Chen?
Chen co-founded an online gaming company called Shanda Interactive Entertainment in 1999. Within five years, he managed to scale it to become one of China's largest internet companies.The Word of Legend, Dungeons & Dragons Online and Final Fantasy XIV are a few of the gaming titles under Chen's belt.
His company's IPO was also listed on NASDAQ in the US after raising $152 million. Forbes has Chen’s net worth pegged at $1 billion, as of 2024,down from its peak of $1.5 billion a decade ago.
He is only behind Canada's Irving family in foreign ownership of American lands. The Irvings own1.2 million acres of Maine timberland.
(With inputs from agencies)