US boosts scrutiny of foreign land deals near military bases amid China concerns
The US Treasury has, however, rejected a push to retroactively apply the rule to a proposed battery plant by Chinese firm Gotion in Michigan
The Biden administration on Friday finalised a new rule expanding its authority to review foreign purchases of real estate near US military bases for national security threats.
The US has become increasingly concerned about the national security risks posed by Chinese-linked purchases of property near sensitive military sites.
The US Treasury Department rule, which was first proposed in July, adds nearly 60 facilities across 30 states to its review list and would expand the jurisdiction of the Committee on Foreign Investment in the United States (CFIUS) to about 227 military installations.
US Treasury Secretary Janet Yellen said the final rule “will significantly increase the ability of CFIUS to thoroughly review real estate transactions near bases and will allow us to deter and stop foreign adversaries from threatening our armed forces, including through intelligence gathering”.
CFIUS, led by the Treasury Department, reviews foreign investments in the United States for national security risks.
