Tag: Grand Forks Air Force Base

New Federal Rule Implemented to Protect Military Bases from Foreign Land Purchases

Michigan Star Staff
Camp Blaz

The United States Treasury Department is enacting a new federal rule that aims to combat the rise in foreign entities strategically purchasing American land in close proximity to military bases.

According to Fox News, the new regulation will utilize a law passed in 2018 to expand the ability of the Treasury’s Committee on Foreign Investment in the United States (CFIUS) to analyze the consequences of foreign purchases of real estate, in order to possibly exert control over such transactions or asset transfers.

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Chinese Nationals Have Bought Thousands of Acres of Strategically Located U.S. Farmland

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Ownership of U.S. farmland by Chinese nationals has risen significantly in the last decade and amounted to 338,000 acres as of 2020, according to U.S. Agriculture Department data.

Since 2010, Chinese nationals have reportedly purchased an additional 75,000 acres of U.S. farmland, according to U.S. Agriculture Department data obtained by the WSJ. Although amounting to less than 1% of all U.S. agricultural land held by foreign citizens, ownership of U.S. farmland by Chinese nationals has received increased scrutiny in recent years following warnings from U.S. government officials claiming that the Chinese government may seek to use land for military and espionage purposes, according to the WSJ.

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