This bill requires the President to take actions as necessary to prohibit certain individuals and entities associated with China from purchasing real estate located in the United States and to mandate the sale of such property in certain circumstances.
The individuals and entities prohibited from purchasing U.S. real estate include (1) Chinese citizens, (2) entities acting on behalf of the Chinese government or the Chinese Communist Party, and (3) foreign individuals or entities acting on behalf of a Chinese citizen. Entities subject to this prohibition are generally those
Additionally, if the President determines that the ownership of U.S. real estate by these individuals and entities poses a national security risk, the President must take actions as necessary to require the sale of the property.
The bill also modifies an existing civil penalty for failing to satisfy a reporting requirement relating to a foreign individual or entity that acquires or transfers an interest in U.S. agricultural land. Under this bill, the civil penalty for failing to report the required information to the Department of Agriculture must be at least 10% of the fair market value of the relevant interest in agricultural land.
