Covered China-linked owners would have to give up farmland and housing

Covered China-linked people and organizations would be barred from acquiring or leasing interests in U.S. agricultural land. Agricultural land includes farm, ranch, timber, and food-processing land, plus idle land used for farming, ranching, or timber within the previous five years. Coverage includes China-incorporated companies, including those in Hong Kong and Macau; people and organizations tied to China's government or Communist Party; and related entities and senior leaders. Existing owners and leaseholders would have to give up their interests within one year after enactment.

Covered China-linked people and organizations would be barred from buying covered residential property in the United States. Covered property includes single-family homes, certain multiunit housing, and land zoned for these uses. Multiunit housing includes condominiums, cooperatives, and buildings with two to four homes. The restriction would apply to the people and organizations covered by the bill's China-related definition. The initial purchase ban would begin on enactment and end two years after enactment.

Covered China-linked owners would have to give up ownership of covered U.S. residential property. The requirement would apply to owners covered by the bill's China-related definition. Violations of the residential purchase ban or ownership deadline would carry a $1,000 daily fine for each covered property. At the two-year anniversary of enactment and every two years thereafter, the President could extend the purchase ban for another two years. Owners would have to give up ownership within one year after enactment.

Agricultural land violations would trigger daily fines and could lead to criminal punishment and loss of land. These penalties would apply to covered China-linked people and organizations that violate the agricultural acquisition, leasing, or divestment rules. The Agriculture Secretary would impose fines of $100 per acre for each day of unlawful ownership or leasing. Violators could also face criminal fines, up to five years in prison, or both. In a case brought by the Attorney General, unlawfully owned land could be taken by the government and would then be sold at public auction.

Agreements restricting employees' work after they leave covered agricultural landholders would have no effect. Covered agreements restrict later work for another employer, work in a particular area, or work similar to the employee's former job. The employer must fall within the bill's China-related definition and own or lease an interest in U.S. agricultural land.