If the leaks and rumors are true, Beijing stands ready to launch a new and radical solution to the economy’s property crisis – a government takeover. What the authorities refer to as “a new model” would replace the old emphasis on ownership with more rentals and use government funds to buy up bankrupt properties so that in time the government’s role in real estate would rise from 5% of the market at present to 30%. Such an act would surely take the nation back to its communist roots if not quite the days of Mao Zedong. If it would veil the property crisis for a time, it would in the long run do tremendous damage to China’s economic prospects.
~~the law passed, yeah~~
it looks like this house bill did not advance, but another bill, the Strategic Competition Act of 2021, contained the same $300 million annual funding
despite the reporting here saying it passed, I can't find confirmation of that on the congress.gov page for it. I'm not familiar enough yet with the legislative databases to read these tea leaves.
EDIT: okay this was quite a rabbit hole, it became the Innovation and Competition Act, which did contain the 300m language, which passed but did not become law. the one that did become law is called the CHIPS and Science act, and so far I do not see the 300m to counter Chinese influence money in it. well, shit. I really thought it was law but it just passed the Senate looks like. my apologies