US HB4706

Summary of H.R. 4706 - Protecting Our Farms and Homes from China Act

• Prohibits entities connected to the People's Republic of China, the Chinese Communist Party, or Chinese government agencies from acquiring or leasing U.S. agricultural land, including farmland, ranches, timber production land, and food processing facilities.

• Requires covered Chinese entities currently owning or leasing U.S. agricultural land to sign letters of intent to divest within 180 days and complete divestment within 1 year of enactment, with penalties of $100 per acre per day for violations.

• Imposes a 2-year prohibition (extendable by the President in 2-year increments) on covered Chinese entities purchasing residential real estate in the United States, with required divestment of existing holdings within 1 year.

• Establishes criminal penalties including fines, up to 5 years imprisonment, and asset forfeiture for agricultural land violations; residential property violations carry fines of $1,000 per day per unit.

• Directs the Secretary of Agriculture and Secretary of Commerce to establish compliance monitoring offices within 180 days and requires a report to Congress within 540 days on the residential real estate prohibition's impact on housing affordability.