February 23, 2024

cryptominingdevice.com

One Posting Everyday

Chinese language billionaire named as one in every of America’s largest landowners

2 min read

Chen, 50, acquired the acreage from Constancy Nationwide Monetary Ventures for $85 million in 2015. Oregon tax information final month disclosed the identify of the helpful proprietor as Shanda Asset Administration, the identical moniker as Chen’s Singapore-based holding group.

His Oregon property makes him one of many largest particular person homeowners of American land by a non-US citizen. Solely the Irving household of Canada “- No. 6 on the Land Report’s record with over 1.2 million acres of Maine timberland “- owns extra.

Overseas possession of US land “- significantly land used for farming “- has change into a delicate political subject in recent times. About 40 million acres of American agricultural land was owned by non-US pursuits as of 2021, in keeping with the newest Division of Agriculture knowledge, with entities from China proudly owning the equal of .03 per centĀ of all US farmland.

Some lawmakers have pushed for nationwide guidelines limiting overseas funding in American agricultural property. Virtually half of all states have some type of restrictions on overseas possession.

A local of Zhejiang Province, Chen began an internet gaming firm, Shanda Interactive, in 1999. Inside 5 years it had change into one in every of China’s largest web corporations and was listed on the Nasdaq within the US. Chen took the corporate non-public in 2012 and moved his holding group’s headquarters from China to Singapore.

His investments span private and non-private equities, enterprise capital and actual property, in keeping with Shanda’s web site. He and his spouse Chrissy Luo made an preliminary $115 million donation to discovered the Tianqiao and Chrissy Chen Institute for Neuroscience on the California Institute of Know-how in 2016 with the mission of advancing understanding of the mind.

Extremely-wealthy buyers searching for an inflation hedge and uncorrelated belongings have more and more flocked to farmland and different rural properties in recent times. The common worth of US cropland jumped 8.1% final yr and has risen by greater than a 3rd since 2020, in keeping with the USDA.

The positive aspects are pushed by meals demand and excessive inflation but additionally by curiosity in rarefied properties, like basic western ranches, that supply recreation in addition to funding return potential.

The nation’s largest landowner is the Emmerson household, homeowners of timberland empire Sierra Pacific Industries, adopted by billionaires John Malone, Ted Turner and Stan Kroenke.

Copyright © All rights reserved. | Newsphere by AF themes.