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A BILL TO BE ENTITLED
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AN ACT
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relating to the acquisition and management of real property |
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interests by certain Chinese entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 5.005, Property Code, is amended to read |
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as follows: |
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Sec. 5.005. ALIENS AND CERTAIN CHINESE ENTITIES. (a) |
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Except as provided by Subsection (b), an [An] alien has the same |
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real and personal property rights as a United States citizen. |
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(b) Notwithstanding any other law, the Chinese Communist |
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Party, the government of the People's Republic of China, an |
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individual member of the Chinese Communist Party or the government |
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of the People's Republic of China, or a company owned, in full or in |
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part, by the Chinese Communist Party or the government of the |
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People's Republic of China may not acquire, by purchase, lease, |
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donation, or other means, or manage real property interests in this |
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state. |
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SECTION 2. The change in law made by this Act applies only |
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to a contract to acquire or manage a property interest entered into |
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or renewed on or after the effective date of this Act or a |
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noncontractual transfer of a property interest that occurs on or |
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after the effective date of this Act. |
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SECTION 3. This Act takes effect on the 91st day after the |
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last day of the legislative session. |