U.S. expands oversight on property deals near military sites

The United States said Friday it is widening its ability to review foreign nationals’ real estate deals near military bases and installations — a move coming at a time of heightened concern over China-related land purchases.
In finalized rules unveiled Friday by the Treasury Department, a foreign investment watchdog will have greater powers to review deals near some 60 military installations.
Those military sites will be added to an existing list where nearby property transactions may be reviewed by the Committee on Foreign Investment in the United States (CFIUS).
The fresh rule takes effect in around a month.
The updated list includes National Guard training facility Camp Grayling in Michigan, which some U.S. lawmakers noted is within 160 kilometers (100 miles) of where China-linked electric vehicle battery maker Gotion plans to build a facility.
With the latest rule, CFIUS can review real estate transactions within 100 miles of Grayling.
The Treasury said it wouldn’t comment on specific cases.
“This final rule will significantly increase the ability of CFIUS to thoroughly review real estate transactions near bases,” Treasury Secretary Janet Yellen said in a statement.
She added that this lets officials “deter and stop foreign adversaries from threatening our Armed Forces, including through intelligence gathering.”
In unveiling proposed rules in July, a senior Treasury official said CFIUS’s jurisdiction was “country-agnostic.”
They did not specify if the latest rule was aimed at quelling concerns directed at countries like China or Russia.
U.S. authorities announced in May that a Chinese-owned crypto firm was barred from using land near a strategic U.S. nuclear missile base over national security concerns.