,,ii  #aah? ,,congress  #b;d ,session   
,s4 #cidh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #ad1 #bjbd,ms4    
,/ab5[ 7= h]self & ,mr4 ,pet]s7         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,def5se ,production  
,act ( #aiej to bett] address c]ta9     
transactions by =eign entities ( conc]n1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,protect+ ,aga9/  
,=eign ,adv]s>y ,inve/m5ts ,act ( #bjbd4
  #b4 ,au?ority ( ,committee on ,=eign  
,inve/m5t 9 ! ,unit$ ,/ates to review   
c]ta9 real e/ate pur*ases by =eign      
entities ( conc]n  7a7 ,9 g5]al ,section
 #gba7;a77#d7 ( ! ,def5se ,production   
,act ( #aiej 7#ej ,u4,s4,c4             
#defe7;a77#d77 is am5d$-- 7#a7 9        
subp>agraph 7,a7-- 7,a7 9 clause 7i71 by
 /rik+ 2 & & ins]t+ a semicolon2  7,b7 9
 clause 7ii71 by /rik+ ! p]iod at ! end 
& ins]t+ 2 &2 &  7,c7 by add+ at ! end !
 foll[+ new clause3  7iii7 any          

transaction describ$ 9 subp>agraph      
7,b77vi7 propos$ or p5d+ on or aft] !   
date ( ! enactm5t ( ?is clause4  2  7#b7
 9 subp>agraph 7,b71 by add+ at ! end ! 
foll[+ new clause3  7vi7 ,subject to    
subp>agraph 7,c71 ! pur*ase or lease by1
 or a concession to1 a =eign entity (   
conc]n ( private or public real e/ate 9 
! ,unit$ ,/ates if-- 7,i7 ! value or    
fair m>ket value ( su* pur*ase1 lease1  
or concession exce$s #a1jjj1jjj2  7,,ii7
 ! real e/ate exce$s #ajj acres2        
7,,iii7 ! aggregate value or fair m>ket 
value ( su* pur*ase1 lease1 or          
concession1 9 comb9ation ) ! value or   
fair m>ket value ( o!r pur*ases or      
leases by1 or concessions to1 su* =eign 
entity dur+ ! #c-ye> p]iod prec$+ ! date
 ( su* pur*ase1 lease1 or concession1   
exce$s #a1jjj1jjj2  7,,iv7 ! aggregate  
acreage ( su* pur*ase1 lease1 or        
concession1 9 comb9ation ) ! aggregate  
acreage ( o!r pur*ases or leases by1 or 
concessions to1 su* =eign entity dur+ ! 
#c-ye> p]iod prec$+ ! date ( su*        

pur*ase1 lease1 or concession1 exce$s   
#ajj acres2 or  7,v7 ! /ructure ( su*   
pur*ase1 lease1 or concession is design$
 or int5d$ to evade or circumv5t !      
application ( ?is clause1 z det]m9$ by !
 ,committee4  2 &  7#c7 9 subp>agraph   
7,c77i71 by /rik+ subp>agraph 7,b77ii7 &
 ins]t+ clause 7ii7 or 7iv7 (           
subp>agraph 7,b74  7b7 ,def9ition (     
=eign entities ( conc]n ,section        
#gba7;a7 ( ! ,def5se ,production ,act ( 
#aiej 7#ej ,u4,s4,c4 #defe7;a77 is      
am5d$-- 7#a7 by r$esignat+ p>agraphs    
7#g7 ?r\gh 7#ac7 z p>agraphs 7#h7 ?r\gh 
7#ad71 respectively2 &  7#b7 by ins]t+  
aft] p>agraph 7#f7 ! foll[+ new         
p>agraph3  7#g7 ,=eign entity ( conc]n  
,! t]m =eign entity ( conc]n has ! mean+
 giv5 t t]m 9 section #iija ( ! ,william
 ,m4 7,mac7 ,?ornb]ry ,national ,def5se 
,au?orization ,act = ,fiscal ,ye> #bjba 
7#ae ,u4,s4,c4 #dfea74  4  7c7 ,factors 
,to be consid]$ ,section #gba7;f7 ( !   
,def5se ,production ,act ( #aiej 7#ej   
,u4,s4,c4 #defe7;f77 is am5d$-- 7#a7 by 

r$esignat+ p>agraphs 7#h7 ?r\gh 7#aa7 z 
p>agraphs 7#aj7 ?r\gh 7#ac71            
respectively2 &  7#b7 by ins]t+ aft]    
p>agraph 7#g7 ! foll[+ new p>agraphs3   
7#h7 ! pot5tial effects ( a propos$ or  
p5d+ transaction on ! national security 
( ! ,unit$ ,/ates z a result ( ! impact 
( ! transaction on ! economic security (
 ! ,unit$ ,/ates2  7#i7 ! factors       
describ$ 9 section #c ( ,executive ,ord]
 #adjhc 7#ej ,u4,s4,c4 #defe note2      
relat+ to consid]ation ( evolv+ national
 security risks by ! ,committee on      
,=eign ,inve/m5t 9 ! ,unit$ ,/ates71 z 9
 effect on ,janu>y #a1 #bjbd2  4  7d7   
,m&atory decl>ations ,section           
#gba7;b77#a77;,c77v77,,iv7 ( ! ,def5se  
,production ,act ( #aiej 7#ej ,u4,s4,c4 
#defe7;b77#a77;,c77v77,,iv77 is am5d$ by
 add+ at ! end ! foll[+3  7hh7 ,requir$ 
decl>ations = c]ta9 real e/ate          
transactions ,not)/&+ item 7dd71 !      
p>ties to a real e/ate transaction      
describ$ 9 subsection 7a77#d77;,b77vi7  
%all submit a decl>ation describ$ 9     

subclause 7,i7 ) respect to !           
transaction4  4  7e7 ,reports requir$   
7#a7 ,retroactive applicability ,n lat] 
?an #ahj days aft] ! date ( ! enactm5t (
 ?is ,act1 ! ,secret>y ( ! ,treasury1 9 
coord9ation ) ,secret>y ( ,/ate & !     
,secret>y ( ,homel& ,security1 %all     
submit to ,congress a report t includes 
an assessm5t ( ! feasibility ( requir+  
retroactive mitigation measures or      
dive/m5t ( real e/ate describ$ 9 clause 
7vi7 ( section #gba7;a77#d77;,b7 ( !    
,def5se ,production ,act ( #aiej1 z add$
 by ?is section1 t is own$ by a =eign   
entity ( conc]n 7z def9$ 9 p>agraph 7#g7
 ( section #gba7;a7 ( su* ,act1 z am5d$ 
by ?is section7 t pres5ts a ?reat to    
national security 7z det]m9$ by !       
,committee on ,=eign ,inve/m5t 9 !      
,unit$ ,/ates74  7#b7 ,additional       
res\rces ,n lat] ?an #ahj aft] ! date ( 
! enactm5t ( ?is ,act1 ! ,secret>y ( !  
,treasury & ! ,committee on ,=eign      
,inve/m5t 9 ! ,unit$ ,/ates %all submit 
to ,congress a report describ+ any      

/atutory or regulatory *anges necess>y  
to c>ry out ?is section & ! am5dm5ts    
made by ?is section4  7f7 ,effective    
date ,! am5dm5ts made by ?is section    
%all take effect on ! date ( ! enactm5t 
( ?is ,act & apply ) respect to any     
cov]$ transaction ! review or           
inve/igation ( :i* is initiat$ "u       
section #gba ( ! ,def5se ,production    
,act ( #aiej on or aft] su* date (      
enactm5t4  #c4 ,report on public or     
private real e/ate pur*as+ activities 9 
! ,unit$ ,/ates by =eign entities (     
conc]n  7a7 ,reports  7#a7 ,9 g5]al ,n  
lat] ?an #ahj days aft] ! date ( !      
enactm5t ( ?is ,act1 & annually !reaft]1
 ! ,director1 9 coord9ation ) !         
,secret>y ( ,homel& ,security & ! head (
 any o!r appropriate ,f$]al ag5cy1 %all 
submit to ! appropriate congressional   
committees a report conta9+ a           
description ( ! national security risks 
( ! pur*ase1 own]%ip1 or lease ( public 
or private real e/ate by a =eign entity 
( conc]n4  7#b7 ,cont5ts ,ea* report    

submitt$ "u p>agraph 7#a7 %all include1 
) respect to ! ye> cov]$ by ! report1 ! 
foll[+3 7,a7 ,a li/ ( all real e/ate 9 !
 ,unit$ ,/ates describ$ 9 clause 7vi7 ( 
section #gba7;a77#d77;,b7 ( ! ,def5se   
,production ,act ( #aiej1 z add$ by ?is 
,act4  7,b7 ,an analysis ( ! pot5tial   
use ( real e/ate = indu/rial espionage  
or intellectual prop]ty transf] by a    
=eign entity ( conc]n4  7,c7 ,an        
analysis ( ! pot5tial use by a =eign    
entity ( conc]n ( real e/ate 9 close    
proximity to manufactur+ facilities1    
wat] s\rces1 & o!r critical             
infra/ructure to monitor1 int]rupt1 or  
disrupt activities critical to !        
national & economic security ( ! ,unit$ 
,/ates4  7,d7 ,an analysis ( o!r ?reats 
to ! economic security or national      
security ( ! ,unit$ ,/ates due to !     
own]%ip1 includ+ own]%ip 9 ! aggregate1 
( real e/ate by a =eign entity ( conc]n4
  7#c7 ,unclassifi$ =m ,ea* report      
submitt$ "u ?is subsection %all-- 7,a7  
be submitt$ 9 unclassifi$ =m1 b may     

include a classifi$ annex2 &  7,b7 be   
consi/5t ) ! protection ( intellig5ce   
s\rces & me?ods4  7#d7 ,publicly        
available ,^u submitt+ a report "u      
p>agraph 7#a71 ! ,director %all make    
publicly available ! in=mation includ$ 9
 su* report "u p>agraph 7#b77;,a74  7b7 
,def9itions ,9 ?is section3 7#a7        
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,en]gy & ,comm]ce1 ! ,committee on      
,homel& ,security1 & ! ,p]man5t ,select 
,committee on ,intellig5ce ( ! ,h\se (  
,repres5tatives2 &  7,b7 ! ,committee on
 ,environm5t & ,public ,works1 !        
,committee on ,homel& ,security &       
,gov]nm5tal ,affairs1 & ! ,select       
,committee on ,intellig5ce ( ! ,s5ate4  
7#b7 ,=eign entity ( conc]n ,! t]m =eign
 entity ( conc]n has ! mean+ giv5 t t]m 
9 section #iija ( ! ,william ,m4 7,mac7 
,?ornb]ry ,national ,def5se             
,au?orization ,act = ,fiscal ,ye> #bjba 
7#ae ,u4,s4,c4 #dfea74  7#c7 ,director  

,! t]m ,director means ! ,director (    
,national ,intellig5ce4  7#d7 ,/ate ,!  
t]m ,/ate has ! mean+ giv5 su* t]m 9    
section #aja ( ! ,compreh5sive          
,environm5tal ,response1 ,comp5sation1 &
 ,liability ,act ( #aihj 7#db ,u4,s4,c4 
#ifja74  #d4 ,be/ practices = ,/ate &   
local (ficials relat+ to pot5tial       
transactions ) =eign entities ( conc]n  
7a7 ,9 g5]al ,n lat] ?an #ahj days aft] 
! date ( ! enactm5t ( ?is ,act1 !       
,director ( ,national ,intellig5ce1 9   
coord9ation ) ! ,secret>y ( ,homel&     
,security1 ! ,secret>y ( ,comm]ce1 & !  
heads ( any o!r ,f$]al dep>tm5t or      
ag5cies det]m9$ relevant by ! ,director 
( ,national ,intellig5ce1 %all develop &
 make publicly available be/ practices =
 use by ,/ate & local (ficials ) respect
 to engag+ 9 a pot5tial transaction ) a 
=eign entity ( conc]n4 ,su* be/         
practices %all includ+ an id5tification 
(-- 7#a7 common risks associat$ ) engag+
 a =eign entity ( conc]n ) respect to   
su* a pot5tial transaction2 &  7#b7     

,f$]al res\rces available to assi/ su*  
(ficials 9 det]m9+ ! specific national  
security risks1 if any1 ( su* a pot5tial
 transaction4  7b7 ,=eign entity (      
conc]n def9$ ,9 ?is section1 ! t]m =eign
 entity ( conc]n has ! mean+ giv5 t t]m 
9 section #iija ( ! ,william ,m4 7,mac7 
,?ornb]ry ,national ,def5se             
,au?orization ,act = ,fiscal ,ye> #bjba 
7#ae ,u4,s4,c4 #dfea74