The EB-5 program allows investors to, in effect, buy a green card if they invest 1 million (or $500k in certain areas). The investment has to create or preserve a certain number of jobs in the US. Real-Estate developers have been using this program to offer investors apartments/equity with green cards attached for years. Trump himself has marketed properties and raised capital by wooing foreign investors with the same promise of a green card.
This week, Jared Kushner’s sister was in China, touting her family’s ties to the White House as she marketed there family’s development in Jersey City, NJ. The slides had a picture of Donald Trump on them, suggesting Jared’s father-in-law could expedite their visas.
Mr. Trump’s political power was palpable at the Shanghai event even if his name went unsaid. As on Saturday in Beijing, one slide that was presented to the Shanghai audience, describing who will decide the future of the visa program for foreign investors, included a photograph of Mr. Trump, as shown by a snapshot taken by an audience member. — NY Times
The Washington Post researcher for the story on the ground was threatened and harassed.
Journalists barred from China event pitching investment in Kushner project — The Hill
Jared Kushner still retains his interest in the family real-estate business, though he has resigned from his executive positions. The New Yorker called it his Trumpian “divestment” strategy.
Over several hours of slide shows and presentations, representatives from the Kushner family business urged Chinese citizens gathered at a Ritz-Carlton hotel to consider investing hundreds of thousands of dollars in a New Jersey luxury apartment complex that would help them secure what’s known as an investor visa. […]
The tagline on a brochure for the event: “Invest $500,000 and immigrate to the United States.”
And the highlight of the afternoon was Meyer, a principal for the company, who was introduced in promotional materials as Jared’s sister.
I modified the title of this diary to say “foreign investors” instead of “Chinese investors”. It was not my intent to spark any kind of anti-immigrant sentiment. As most people on this site know, I’m a first-generation immigrant.
This is a piece about the Kushner family trying to leverage their ties to the White House in their business. This isn’t about the EB-5 visa per se, though there are legitimate questions as to whether its use by real-estate developers to raise cheap capital is in keeping with the spirit of the program. There are numerous comments exploring the drawbacks of the program. Pres. Obama, Sen. Leahy and Sen. Feinstein have all been somewhat skeptical of the creative uses real-estate developers have put the program to. I have several links in a comment below that explain the concerns about gerrymandering and lobbying by developers to qualify for the lower 500k investment threshold. This PBS piece is a good place to start if you want to know more.