Law seems to be tuned, roughly, to states hostile to the United States. I agree though, if FL had just made this a ban on foreign real estate speculation they'd probably be okay.
https://www.insurancejournal.com/news/southeast/2023/12/21/7...
I don't think it's out of line to prohibit nationals from those countries from purchasing homes or land in the US. Especially since nationals of those states with the ability/capital to purchase homes are, IMO, more than likely to be part of the governing regimes.
*not counting Russia
Still I think the general idea is pertinent. Why the focus on China?
Personally I think foreign real estate investment is bad, and should be severely dealt with. I don't think it's fair for rich foreigners to essentially park cash in American housing. That specific sense that this activity is wrong can be generalized into a better policy solution, where we don't have to pretend that it's only bad when the Chinese or the Russians or whoever does it. It's also bad for private equity to do this, but that's a separate topic.