I think you'll find that North Korea is generally considered to be a country in Asia, too.

What continent contains Iran, Syria and (as the other comment pointed out) North Korea?

Oof yeah I didn’t think that one through.

Still I think the general idea is pertinent. Why the focus on China?

Well, they have the funds do they not? I don't think there's a class of wealthy real estate investors from DPRK eager to get into the condo market in South Florida. In that context it makes perfect sense to focus on China. Still, given the expansive jurisprudence on targeting specific races, and the general allergy we have in American politics to doing anything even adjacent to that idea, it would've been better to draft a more expansive policy for the bill.

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.