Commentary A handful of years ago, you could be forgiven for thinking that the Chinese were taking over the U.S. real estate market. Reports abounded of Chinese buyers pouring tens of billions of dollars per year into American property, seeking a safe haven for their wealth by snapping up everything from luxury condos in downtown Los Angeles to colonial homes along the affluent North Shore of Long Island, New York. The COVID-19 crisis brought much of that activity to a standstill, but Chinese investment actually peaked around 2017 and started to slump long before the virus entered the scene. Thanks to increased regulatory scrutiny and a web of cross-border restrictions, Chinese purchases of American homes may not recover anytime soon. That’s probably good news for the U.S. housing market. The Biden administration’s drive to combat money laundering in real estate underscores how the environment is changing for Chinese homebuyers. The …