S. 176: Not One More Inch or Acre Act
This bill, titled the "Not One More Inch or Acre Act," aims to restrict certain purchases of real estate in the United States. Specifically, it would prohibit citizens and entities from the People's Republic of China from buying public or private real estate within the U.S. The key points of the bill include:
Prohibition on Purchases
The President would be required to take necessary actions to:
- Prohibit the purchase of real estate by:
- Any citizen of China
- Any covered foreign entity
- Any foreign person acting for China or its government
- Require individuals or entities that already own U.S. real estate and are deemed to pose a national security risk to sell that property within one year of the bill's enactment.
Exceptions
- Refugees and Asylum Seekers: Citizens of China who entered the U.S. as refugees or have been granted asylum are exempt from the purchase prohibition.
- U.S. Nationals: The restrictions do not apply to real estate owned or held for personal use by U.S. citizens or legal permanent residents.
Definitions
The bill includes specific definitions that clarify who qualifies as a covered foreign entity and a foreign person:
- Covered Foreign Entity: An entity that is operated or directed by the Chinese government or Communist Party and meets certain criteria, such as being organized in China or controlled by Chinese authorities.
- Foreign Person: Any individual or entity that is not considered a U.S. person.
- U.S. Person: A U.S. citizen, legal permanent resident, or an entity organized in the U.S.
Amendments to Existing Laws
The bill proposes changes to the Agricultural Foreign Investment Disclosure Act of 1978, shifting the penalty amounts regarding foreign investment disclosure requirements.
Implementation and Oversight
The implementation of these provisions would involve the President determining which individuals or entities pose a national security risk, thereby guiding the enforcement of the sale requirements.
Potential Impact
The bill's primary focus is on foreign ownership of real estate in the U.S., particularly as it pertains to national security concerns. It reflects ongoing considerations regarding foreign investments and their implications for American interests.
Relevant Companies
- BABA (Alibaba Group) - The company could be affected if it has real estate investments in the U.S. that may need to be sold or are restricted from future purchases.
- 0939 (China Mobile) - As a state-owned enterprise, any investment in U.S. real estate would come under scrutiny and potential divestment requirements.
- 700 (Tencent Holdings) - Holdings in U.S. properties, particularly related to technology or data centers, may be impacted by the new restrictions.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
4 bill sponsors
Actions
2 actions
| Date | Action |
|---|---|
| Jan. 22, 2025 | Introduced in Senate |
| Jan. 22, 2025 | Read twice and referred to the Committee on Foreign Relations. |
Corporate Lobbying
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