More foreign real-estate transactions near U.S. bases stateside would face scrutiny under a new Biden administration proposal, a move that comes amid concerns about China.
The U.S. Treasury Department on Monday proposed a vast expansion of the number of domestic installations it watches under a law that allows the government to block foreigners from buying land.
The proposal would allow the Committee on Foreign Investment in the U.S., which reviews deals for national security issues, to look into real-estate purchases near more than 50 military sites that hadn’t previously been covered. Some of the added installations are deemed sensitive enough that even deals up to 100 miles away could be blocked.
“Cfius plays an integral role in U.S. national security by thoroughly reviewing real-estate transactions near sensitive military installations, and this proposed rule will significantly expand its jurisdiction and ability to accomplish this vital mission,” Treasury Secretary Janet Yellen said.
Treasury didn’t…
