Hong Kong Be Water Act This bill directs the President to impose sanctions on, and freeze assets belonging to, individuals and entities responsible for suppression of freedoms in Hong Kong. The President shall impose property- and visa-blocking sanctions on any foreign person who is an official of Hong Kong's government or China's government and who knowingly suppressed the freedom of speech, association, procession, or demonstration in Hong Kong. These sanctions shall also apply to foreign individuals or entities acting on behalf of or cooperating with such a government official. The President shall also block property transactions involving a Chinese national, an entity owned or controlled by China's government, or an officer or senior official of such an entity, if that individual or entity has attempted to undermine the autonomy, basic liberties, and human rights of the people of Hong Kong.