Biden Administration Boosts Oversight On Foreign Real Estate Near Military Bases

The Biden administration has finalized a rule expanding the review of foreign real estate purchases near U.S. military bases. The rule, focusing on Chinese-related threats, boosts the Treasury's oversight to about 227 bases, enhancing national security measures. It takes effect in December, excluding retroactive cases like Michigan's Gotion plant.

The Biden administration has officially approved a new rule expanding its powers to scrutinize foreign real estate transactions near U.S. military bases, citing national security concerns.

Amid growing fears over Chinese-linked property acquisitions in sensitive areas, this move by the Treasury Department will subject nearly 60 additional facilities in 30 states to closer examination.

Treasury Secretary Janet Yellen emphasized the necessity of this rule, highlighting its potential to block foreign adversaries from gathering intelligence on military installations. The regulation will come into effect in December, although it will not apply retroactively to projects like the proposed Gotion battery plant in Michigan.

(With inputs from agencies.)