This bill aims to restrict the acquisition and ownership of specific types of property in the United States by certain foreign entities. It defines a "covered foreign entity" broadly to include corporations incorporated in the People's Republic of China, entities acting on behalf of the Chinese government, individuals or organizations affiliated with the Chinese Communist Party, and their related affiliates or officials. The legislation targets both agricultural land , encompassing farming, ranching, timber production, and food processing land, and residential real estate , which includes various housing types and zoned land. Regarding agricultural land, the bill makes it unlawful for covered foreign entities to acquire or lease any interest in such land. Existing owners or lessees are mandated to divest their interests within one year of the Act's enactment, with a letter of intent required within 180 days. Non-compliance can result in a penalty of $100 per acre per day, criminal fines, imprisonment, and the forfeiture of the land to the United States, which would then be sold at public auction. Furthermore, any noncompete agreements between these foreign entities and their employees related to agricultural land are rendered null and void. For residential real estate, the bill imposes a temporary prohibition, preventing covered foreign entities from purchasing units during an initial two-year period, which the President can extend. Similar to agricultural land, existing owners must divest their residential real estate holdings within one year. Violations incur a daily fine of $1,000 per unit, and the Attorney General is authorized to enforce these provisions, including through asset seizure. The Secretary of Commerce is tasked with implementing these residential real estate provisions, establishing a compliance office, and reporting to Congress on the prohibition's impact on the housing market.