The Treasury Department is expanding the review process for land purchases around more than 60 military bases following a land-buying spree by Chinese entities.
The department announced the new rule on Nov. 1, saying it “significantly expands its ability to review certain real estate transactions by foreign persons near more than 60 military bases and installations across 30 states.”
“The Biden-Harris Administration will continue to use our strong investment screening tools to advance America’s national security and protect our military installations from external threats,” said Treasury Secretary Janet Yellen in an associated statement.
As chair of the Committee on Foreign Investment in the United States (CFIUS), the department has the authority to recommend the president block or undo certain real estate deals deemed to negatively impact national security.
In turn, a 2018 law grants CFIUS jurisdiction over real estate transactions dealing with the foreign purchase of U.S. land in close proximity to military installations. […]
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