Legislators across party lines yesterday voiced concern that investment from China could inflate domestic real estate prices and pose a threat to national security.
Lawmakers raised their worries during an Internal Administration Committee meeting when Minister of the Interior Jiang Yi-huah (江宜樺) was invited to brief to the committee on real estate investment from China.
Since the ban on Chinese nationals purchasing properties was lifted in 2002, the government has received 35 applications from Chinese nationals to buy properties in Taiwan, with 10 being approved, 18 turned down and seven still under review, Jiang told the committee.
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“Any Chinese national who wants to buy real estate in Taiwan must first file an application with the county or city government where the property is located,” Jiang said.
“Whether or not the local government approves the application, the Ministry of the Interior [MOI] must also review it,” Jiang said.
“The applicant must receive approval from both the local and central governments to purchase a property,” the minister said.
Jiang’s explanation failed to dispel lawmakers’ worries.
“Would it be possible that one day, China could annex Taiwan just by buying houses and land in the country?” Democratic Progressive Party (DPP) Legislator William Lai (賴清德) asked, adding that national security may be threatened if Chinese nationals were to buy high-rise apartments around the Presidential Office and residence.
Chinese Nationalist Party (KMT) Legislator Chiang Nai-shin (蔣乃辛) voiced similar concerns.
“With the emergence of China as an economic power, I’m worried that in a few years, Chinese nationals may hold more properties in Taiwan than Taiwanese,” he said.
Chiang added that as more Chinese investment pours into Taiwan, real estate prices may skyrocket and “young people or the middle-class might not be able to afford to buy a house.”
DPP Legislator Su Chen-ching (蘇震清) said that high real estate prices were already among the top 10 complaints as a recent survey revealed.
“What can the public do if Chinese investors push prices even higher?” Su asked.
Jiang said that all the questions raised would be taken into consideration when reviewing applications.
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KMT Legislator Wu Yu-sheng (吳育昇), on the other hand, suggested that the government encourage investment in office space and commercial properties, “because that’s what will help improve the economy and not inflate housing costs for ordinary people.”
“We will set a maximum number of applications for approval each year. We also plan to develop new suburbs with convenient transportation networks to provide the public with affordable housing,” Jiang said.
“Our main objective in encouraging Chinese investment in real estate is to lift the economy, while taking care to safeguard national security and keep prices at a reasonable level,” he said.
“After all, I am like all of you, I would be worried about inflated prices, and I have to think of my children and my grandchildren as well,” he added.
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