US to control land sales to foreigners near 8 military bases

News Snapshot:

Foreign citizens and companies would need US government approval to buy property within 100 miles 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 US firms and foreign investors and can block sales or force the parties to change the terms of an agreement to protect national...