Authority of Committee on Foreign Investment in the United States to review certain real estate purchases by foreign entities of concern

(a) In general Section 721(a)(4) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)(4)) is amended— (1) in subparagraph (A)— (A) in clause (i), by striking; and and inserting a semicolon; (B) in clause (ii), by striking the period at the end and inserting; and; and (C) by adding at the end the following: (iii) any transaction described in subparagraph (B)(vi) proposed or pending on or after the date of enactment of this clause.; and (2) in subparagraph (B), by adding at the end the following: (vi) Subject to subparagraph (C), the purchase or lease by, or a concession to, a foreign entity of concern of private or public real estate in the United States if— (I) (aa) the value of the purchase, lease, or concession— (AA) exceeds $5,000,000; or (BB) in combination with the value of other such purchases or leases by, or concessions to, the same entity during the preceding 3 years, exceeds $5,000,000; or (bb) the real estate— (AA) exceeds 320 acres; or (BB) in combination with other private or public real estate in the United States purchased or leased by, or for which a concession is provided to, the same entity during the preceding 3 years, exceeds 320 acres; and (II) the real estate is primarily used for— (aa) agriculture, including raising of livestock and forestry; (bb) extraction of fossil fuels, natural gas, purchases or leases of renewable energy sources; or (cc) extraction of critical precursor materials for biological technology industries, information technology components, or national defense technologies.. (b) Foreign entities of concern Section 721(a) of the Defense Production Act of 1950 (50 U.S.C. 4565(a)) is amended— (1) by redesignating paragraphs (7) through (13) as paragraphs (8) through (14), respectively; and (2) by inserting after paragraph (6) the following: (7) Foreign entity of concern The term foreign entity of concern has the meaning given that term in section 9901 of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (15 U.S.C. 4651).. (c) Factors To Be considered Section 721(f) of the Defense Production Act of 1950 (50 U.S.C. 4565(f)) is amended— (1) by redesignating paragraphs (8) through (11) as paragraphs (9) through (12), respectively; and (2) by inserting after paragraph (7) the following: (8) the potential follow-on national security effects of the risks posed by the proposed or pending transaction to United States food security, food safety, biosecurity, environmental protection, or national defense;. (d) Inclusion of Secretary of Agriculture and the Commissioner of Food and Drugs on Committee on Foreign Investment in the United States Section 721(k)(2) of the Defense Production Act of 1950 (50 U.S.C. 4565(k)(2)) is amended— (1) by redesignating subparagraphs (H), (I), and (J) as subparagraphs (J), (K), and (L), respectively; and (2) by inserting after subparagraph (G) the following: (H) The Secretary of Agriculture. (I) The Commissioner of Food and Drugs.. (e) Annual report Section 721(m) of the Defense Production Act of 1950 (50 U.S.C. 4565(m)) is amended— (1) by redesignating paragraph (4) as paragraph (5); and (2) by inserting after paragraph (3) the following: (4) List of real estate owned by foreign entities of concern The President and such agencies as the President shall designate shall include in the annual report submitted under paragraph (1) a list of all real estate in the United States owned by a foreign entity of concern or a person closely associated with such an entity.. (f) Report required Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury, in coordination with the Secretary of State and the Secretary of Homeland Security, shall submit to Congress a report that includes— (1) an assessment of the feasibility of requiring retroactive divestment of real estate owned by foreign entities of concern (as defined in section 721(a) of the Defense Production Act of 1950, as amended by this section); and (2) a description of the process used by the Committee on Foreign Investment in the United States to review the national security implications of any connections between— (A) foreign investment in the United States made by the Government of the People’s Republic of China or entities controlled by or acting on behalf of that Government; and (B) the Chinese Communist Party. (g) Effective date The amendments made by this section take effect on the date of the enactment of this Act and apply with respect to any covered transaction the review or investigation of which is initiated under section 721 of the Defense Production Act of 1950 on or after such date of enactment.