TAKEAWAYS/摘要

　　

　　U.S. Senators request GAO evaluate viability of CFIUS procedures in assessing national security concerns arising from foreign acquisition of U.S. real estate.

　　

　　美国参议员请求美国审计总局就美国外国投资委员会针对美国房地产行业外资收购项目中产生的国家安全问题的评定程序的可行性进行评估。

　　

　　Rise of investments by Chinese buyers whose affiliations are unclear fuels interest.

　　

　　关联关系不明确的中国买方的投资额上涨引起了关注。

　　

　　GAO review may lead to proposed legislation increasing CFIUS scrutiny.

　　

　　美国审计总局的审查可能促生提高美国外国投资委员会监管力度的拟议立法。

　　

　　The expanding influx of foreign investments in U.S. real estate has drawn the attention of three key U.S. Senators amid national security concerns. Senators Ron Wyden(D-OR), ranking member of the Senate Finance Committee; Claire McCaskill(D-MO), ranking member of the Senate Homeland and Security and Government Affairs Committee; and Sherrod Brown (D-OH), ranking member of the Senate Committee on Banking, House and Urban Affairs, wrote a letter to the Government Accountability Office on May 16, 2017 (the Letter) requesting a review of how the Committee on Foreign Investment in the United States (CFIUS) examines real estate transactions, with a particular concern regarding Chinese investment. It appears the GAO has accepted the request and will commence its review.

　　

　　不断涌入美国房地产市场的外商投资引起了三位重要的美国参议员对于国家安全问题的关切。俄勒冈州民主党参议员暨参议院财政委员会资深议员RonWyden、密苏里州民主党参议员暨参议院国土安全与政府事务委员会资深议员ClaireMcCaskill以及俄亥俄州民主党参议员暨参议院银行、住房及城市事务委员会资深议员SherrodBrown于2017年5月16日向美国审计总局致信，请求就美国外国投资委员会（CFIUS）对房地产交易（特别是涉及中国投资的房地产交易）的审查进行考察。美国审计总局显然已经接受这一请求并将开始这一考察。

　　

　　The Letter comes at a time when foreign investments in U.S. commercial properties are at an all-time high. While the U.S. has historically been an alluring destination for foreign investors, investments peaked last year with over $60 billion funneled into acquiring U.S. commercial properties, encompassing 13 percent of U.S. real estate transactions overall, National Real Estate Investor reported earlier this year. The letter to GAO explains how Chinese investment in U.S. real estate is rising, and that certain investments have raised national security concerns. Examples of national security concerns cited include proximity to sensitive properties such as military bases or other government buildings, cybersecurity issues in connection with foreign-owned buildings leased to the U.S. Government, as well as the fact that President Trump and senior Administration officials retain real estate holdings that could be subject to future foreign acquisition. The senators further explain how “the ownership structures and political ties of prominent Chinese investors. . . are murky at best.” Overall, the senators pose 12 questions for the GAO to review, generally requesting the GAO provide recommendations on how to enhance the CFIUS review process for foreign acquisitions of U.S. real estate. Key questions include how CFIUS defines national security threats in real estate transactions, details on the number and type of real estate deals CFIUS has reviewed, and how CFIUS goes about reviewing such transactions.

　　

　　该信恰好出现在外商对美国商业地产投资的历史最高峰时期。尽管美国长期作为吸引外商投资的目的地，据《国家房地产投资者杂志》今年早先的报道，去年的投资额达到了顶峰，而其中超过600亿美元集中于购买美国商业地产，占美国房地产总交易额的13%。这封致美国审计总局的信阐释了中国对美国房地产的投资是如何增长的，以及某些投资为何引起国家安全问题。该信提及的国家安全问题的例子包括外国投资的房产毗邻诸如军事基地或其他政府建筑等敏感房产、向美国政府出租的外资持有房产所涉的网络安全问题、以及总统特朗普和高级政府官员持有的房产可能会被外资收购这一事实。参议员们还进一步阐释了为何“中国房产投资领导者的股权结构和政治纽带……是无比黑暗的”。参议员们共列举了12个问题供美国审计总局考察，大多请求美国审计总局就如何加强美国外国投资委员会对美国房地产业的外资收购审查程序提供建议。关键问题包括美国外国投资委员会如何定义房地产交易中的国家安全威胁、美国外国投资委员已审查房地产交易的具体数量及种类、以及美国外国投资委员是如何审查这些交易的。

　　

　　With these national security matters at the forefront of U.S. real estate acquired by foreign parties, the GAO is charged with analyzing the implications from these transactions and evaluating whether CFIUS has an adequate process in place to consider the challenges that they pose. The Letter outlines a number of considerations for the GAO, a few of which are the:

　　

　　对于有关外国投资者所收购美国房地产的这些风口浪尖的国家安全问题，美国审计总局有责任分析这些交易可能产生的影响并评估美国外国投资委员有无适当的流程来应对这些交易所带来的挑战。该信为美国审计总局概述了一些注意事项，其中包括：

　　

　　Ability of CFIUS to assess transactions under current regulations;

　　

　　在现有制度下，美国外国投资委员会评定交易的能力；

　　

　　Percentage of foreign acquisitions of U.S. real estate that have filed for CFIUS review;

　　

　　提请美国外国投资委员会审查的外资收购美国房地产项目的比例；

　　

　　Information and processes used by CFIUS to assess national security.

　　

　　美国外国投资委员会评定国家安全问题时的信息和程序。

　　

　　Moving Forward/进一步分析

　　

　　The recent request highlights the significant attention being paid to CFIUS reviews, as applied to real estate as well as foreign investment in the U.S. as a whole. Last year, the GAO announced it will examine whether CFIUS’ authority should be expanded to review transactions for concerns beyond national security. This action is in response to a request from several lawmakers for the GAO to examine how CFIUS is keeping pace with the growing scope of foreign acquisitions in the U.S. The GAO’s examination is currently underway, though it is unclear when the report will be released. While Congressional action would still be required for any changes to the authority of CFIUS or to the review process as a whole, it is possible the GAO’s report will lead to legislation proposing broadening the Committee’s national security mandate. This more recent GAO request could lead to changes in how CFIUS reviews and analyzes real estate acquisitions, in particular those involving Chinese buyers.

　　

　　这一近期请求凸显了就美国外国投资委员会对房地产及外国投资审查的极大关注。去年，美国审计总局宣布其将评估是否应将美国外国投资委员会的职权扩展至就国家安全之外的问题来审查交易。这一举措回应了美国审计总局一些立法官员对审查美国外国投资委员会是如何应对美国境内日渐增多的外资收购的请求。美国审计总局的审查正在进行当中，但报告的公布时间还不得而知。尽管对美国外国投资委员会职权或审查程序的任何变动仍需国会决定，但美国审计总局的报告仍有可能促生旨在扩大美国外国投资委员会国家安全审查权的立法。美国审计总局这一最近的请求可能引起美国外国投资委员会对房地产收购项目的审查及分析方式的变化，特别是那些涉及中国买方的项目。

　　

　　Take-Away/总结

　　

　　This recent activity highlights current congressional attention on foreign real estate acquisitions, especially involving Chinese state-owned sources. We understand the GAO has accepted the request for further review, and its report may ultimately result in recommendations to Congress on certain possible reforms to the CFIUS review process, though legislation would need to be passed to enact those recommendations.

　　

　　这一近期行动凸显了目前国会对于外资收购房地产项目、特别是涉及中国国有企业的项目的关注。我们理解美国审计总局已同意进一步审查的请求，并且其报告可能最终落脚于向国会建议对美国外国投资委员会的审查程序进行某些可能的改革，尽管这些建议仍需通过立法来付诸实践。

　　

　　（内容摘自网络）