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Comment by CommanderData | Hacker News Reader

This is excellent, assets like property don't grow on trees and needs to be protected from foreign investors.

Absolutely need something like this in the UK.

The UK first needs the will to do something. The UK is renowned for shell company purchases and laundering. What is wanted by the little home buyers is very different from what is wanted at the top of the pyramid. As the current uproar about the decades long grooming atrocity has shown the rot runs deep.

Do you think it is bad when foreign investment corporations buy commercial property? This is very common in London. Or only residential property? And, were you upset when foreign capital (Malaysian, mostly) helped to redevelop Battersea Power Station?

I think the ship has sailed, but regardless isn't it all meaningless? Surely they can setup a company to get around it, or will be ban all foreign ownership of shares too?

Land is a public good, insofar as "buying" the land still comes with obligations to the state (paying taxes, conforming to building codes and zoning regulation, etc). Just because you "own" it doesn't actually mean you can do as you please.

Given all of that, it is not unreasonable to limit or outright prohibit foreign ownership of land, or ownership of land by companies which are not majority-locally controlled.

It's interesting, I just think the second order effects might be a bit scary.

Having said that I guess for FDI there's always the option of getting a local company to "JV" with like in China.

Assets cant be shipped overseas. They are here, in the UK. That's the beauty of it. Taxes can force them back to UK ownership.

The rich are buying the only asset the middle class will ever probably own, housing.

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