Bill > HR4706

This bill, called the "Protecting Our Farms and Homes from China Act," aims to prohibit certain foreign entities from China from acquiring or owning agricultural land and residential real estate in the United States. Specifically, the bill defines "covered foreign entities" broadly to include corporations incorporated in China, organizations affiliated with the Chinese Communist Party, and their associated individuals and organizations. For agricultural land, the bill makes it unlawful for these entities to acquire or lease any agricultural land, requiring them to divest such holdings within one year of the act's enactment. Penalties for non-compliance include substantial fines ($100 per acre per day), potential criminal prosecution with up to 5 years imprisonment, and potential forfeiture of the land through public auction. Similarly, for residential real estate, the bill prohibits covered foreign entities from purchasing any residential property during a two-year period (which can be extended by presidential action), with mandatory divestment and daily fines of $1,000 per unit. The bill requires the Departments of Agriculture and Commerce to establish monitoring offices, issue implementation guidance, and report on the impacts of these restrictions. The underlying goal appears to be limiting foreign, specifically Chinese, investment in U.S. land and housing markets.

Agriculture and Natural Resources

https://www.congress.gov/bill/119th-congress/house-bill/4706/all-info