US to control land sales to foreigners near 8 military bases [View all]

Source: Associated Press

US to control land sales to foreigners near 8 military bases

By MARGARET STAFFORD, TARA COPP and FATIMA HUSSEIN
May 4, 2023

WASHINGTON (AP) — Foreign citizens and companies would need U.S. government approval to buy property within 100 miles (160 kilometers) of eight military bases, under a proposed rule change that follows a Chinese firm’s attempt to build a plant near an Air Force base in North Dakota.

The Treasury Department’s Office of Investment Security is set to propose the rule on Friday. It would give expanded powers to the Committee on Foreign Investment in the United States, which screens business deals between U.S. firms and foreign investors and can block sales or force the parties to change the terms of an agreement to protect national security.

Controversy arose over plans by the Fufeng Group to build a $700 million wet corn milling plant about 12 miles (19 kilometers) from the Grand Forks Air Force Base, which houses both air and space operations.

As opposition to the project grew, North Dakota Gov. Doug Burgum and U.S. Sens. John Hoeven and Kevin Cramer, all Republicans, raised questions about the security risks and asked the federal government last July for an expedited review.

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Read more: https://apnews.com/article/china-bomber-spying-cfius-bases-68c3945b8cddb242fbaf3dd88d659021