US Expands Review of Foreign Land Purchases

The U.S. Treasury Department has finalized a rule expanding its authority to review foreign real estate transactions near over 60 military bases across 30 states, a move aimed at bolstering national security amidst rising concerns about foreign investments, particularly from Chinese entities. This rule enhances the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS), allowing deeper scrutiny of real estate purchases within a one-mile radius of 40 military sites and a 100-mile radius of 27 others. Treasury Secretary Janet Yellen emphasized that the measure is designed to deter foreign adversaries from threatening U.S. military installations through intelligence gathering and other means. The decision follows an increase in Chinese ownership of U.S. agricultural land, which raised alarms regarding potential national security risks. State lawmakers in several states have also begun discussing measures to restrict foreign purchases near sensitive facilities. The final rule reflects the administration's commitment to using investment screening tools to safeguard national security and military readiness.