Shanda Interactive Gaming Company
Hailing from the Zhejiang province of China, Chen made his fortune from Shanda Interactive, a gaming company he founded in 1999 (via MSN).
Source: Lukas Schulze/Getty Images
The company, famous for producing games, including “Dungeons and Dragons Online” and “Final Fantasy XIV,” was worth an estimated $8 billion in 2018.
Gaming Tycoon Buys Up Oregon Land
Back in 2015, the Californian resident decided to spend over $85 million on 198,000 acres of Oregon timberlands, purchasing the land from Fidelity National Financial Ventures.
Source: China Photos/Getty Images
After paying around $430 per acre of land, Chen entered into the list of the top 100 largest property owners in the States, coming in at number 82.
Finally Placed on the Land List
While Chen completed the initial land purchase nearly nine years ago, he was only added to the Land Report list last week.
Source: Freepik
The Land Report releases an updated summary of America’s top landowners each year.
Chen Falls Behind Irving Family
The enormous tract of land in Oregon also made the Shanda founder the second-largest foreign landowner in America.
Source: Freepik
He is only surpassed by the Irving family of Canada, who own around 1.2 million acres of timberland in the state of Maine.
Philanthropy Donation to Californian Institute
Chen’s hand in founding the gaming company Shanda Interactive has given him a net worth that is estimated to be around $1 billion.
Source: @yaxisstudy/X
Philanthropy is another of Chen’s interests. He and his wife, Chrissy Luo, donated around $115 million to the Tianqiao and Chrissy Chen Institute for Neuroscience at the California Institute of Technology in 2016.
Foreign Ownership Becoming a Big Problem
Chen Tianqiao is one of many foreign nationals who now own enormous portions of agricultural land in the states.
Source: Freepik
In recent years, foreign ownership has become a sensitive topic. Reports published in 2001 suggest noncitizens own over 40 million acres of American farmland, according to Financial Post.
Canadians Own Vast Swathes of U.S. Land
Various politicians have voiced their concern about too much agricultural land being sold to China. Yet, in reality, Chinese nationals own a tiny fraction, equal to around 0.03% of all farmland in the United States.
Source: Freepik
In comparison, Canadian citizens own an immense portion of American land, coming in at around 32%, most of which is in Maine, per the American Farm Bureau Federation.
Lawmakers Push for National Rules
As more and more agricultural land is sold off to the highest bidder, lawmakers have pushed for new legislation that would potentially restrict the amount of land foreign investors can purchase.
Source: Freepik
Last July, the Senate decided to implement a law that would essentially ban the sale of agricultural land to foreign residents from North Korea, Russia, Iran, and China once it surpasses a specific amount.
Investors Seeking More and More Land
Wealthy foreigners have been drawn to farmland in recent years as a means of investment.
Source: Freepik
According to the USDA, in 2022, American agricultural land value increased by $630 per acre (14.3%) from the previous year.
What's Driving Land Prices Up?
Reports suggest there are a few reasons behind the rising prices of farmland across the states in recent years.
Source: Freepik
The most prevalent is the increasing demand for food and inflation. However, interest in classic ranches, which can be used recreationally, also plays a role in the rising prices.
America's Largest Land Owner
If you’re wondering who owns the most land in the U.S., there’s a good chance you’ve never heard of them. The Emmerson family sits firmly at the top of the list of the largest owners in the nation (per Business Insider Mexico).
Source: Freepik
The Emmersons have held the spot since 2021 and currently own over 2.4 million acres of land spread across Washington, Oregon, and California.