- Posts by Ada DaneloAssociate
Ada focuses her practice on business transactions including advising companies on general corporate matters, mergers and acquisitions, securities offerings, and SEC reporting and disclosure. She assists clients with ...
Beginning this month, the U.S. government can now block foreigners from taking possession of real estate anywhere in the country when it concludes the deal may threaten U.S. national security. In the past, only foreign investment in U.S. businesses required the parties to consider the risk that the government would object on national security grounds. Now parties entering into a broad array of real estate deals with foreigners affecting land in particular parts of the country will also have to consider these risks, even if they do not involve any investment in a U.S. business.
Since Garvey Schubert Barer’s founding in 1966, China has been a major focus of the firm’s practice. In 1979, Stan Barer and other GSB attorneys developed the legal strategy that led to the resumption of shipping between the U.S. and China after a thirty-year hiatus. The first Chinese ship to arrive in the United States sailed into the Port of Seattle, and the first American-flagged ship to sail to China was owned by a GSB client.
This strong alliance, forged and fostered by GSB, has led to Seattle’s importance in trade relations with China. China is Washington State’s major trade partner: in 2017, Washington State exported $18 billion in goods to China. The University of Washington and Tsinghua University have established a joint cross-disciplinary technological institute. President Xi Jinping visited only two locations in the United States: Seattle and Washington, D.C.
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On August 13, 2018, the President signed into law new legislation that will impose heightened oversight of investments by Chinese persons in U.S. businesses. The Foreign Investment Risk Review Modernization Act (FIRRMA) provides greater specificity about the types of investments that the Committee on Foreign Investment in the United States (CFIUS), an inter-agency committee of the U.S. government, may review and in turn block due to their potential threats to the national security of the U.S. The new law affects foreign direct investments from any country, but China is one of the countries it is particularly likely to affect.
Foster Garvey’s International practice group comprises a cross-disciplinary group of attorneys practicing in areas ranging from business transactions, immigration, maritime, government regulatory work, transportation and logistics and estate planning. The group members include bilingual and multicultural attorneys who are well-versed in handling these subject matters in a cross-border context. A number of attorneys have been actively practicing in the international arena since the early 1970s.