Kushner family apologises for mentioning Jared at China pitch
- Author: Leroy Wright May 22, 2017,
May 22, 2017, 19:56
Presidential senior advisor and son-in-law Jared Kushner is taking heat after his sister pointed out to potential partners in China that an investment of $500,000 or more in the Kushner Companies' One Journal Square project in Jersey City, N.J., could grease the skids for permanent residency in the us under the EB-5 visa program.
"In 2008, my brother Jared Kushner joined the family company as CEO, and recently moved to Washington to join the administration", Meyer said at the conference aimed at encouraging Chinese developers to invest in a New Jersey real estate project, according to CNN.
The controversial EB-5 programme allows wealthy foreigners to, in effect, buy United States immigration visas for themselves and families by investing at least US$500,000 in certain development projects. That was not Ms. Meyer's intention.
When he served as chief executive for his family's real-estate company, Kushner raised $50 million for a Trump apartment complex through Chinese investors interested in obtaining "golden" immigration visas. The firm also stressed Kushner "stepped away from the company in January and has nothing to do with this project", which it said would provide $180 million in tax revenue over 30 years.
"The Trump relationship is an extra point for me", Bi Ting told the Times after a presentation in Shanghai on Sunday.
Jared Kushner listens as US President Donald Trump participates in a congressional listening session with GOP members in the Roosevelt Room of the White House, February 16, 2017. If you're a Chinese billionaire eager to purchase American citizenship for your family, you couldn't care less whether your "investment" goes to a legit building project or not so long as the visa is granted.
Nearly all EB-5 investors are Chinese nationals, but the government keeps their names confidential.
Meyer and other representatives of the family's real estate business were looking for Chinese citizens to invest in the project through the EB-5 visa program.
Chinese staff wait for investors at a reception desk on Sunday in Shanghai, China, during an event promoting investment in a Kushner Companies development.
"As previously stated, he will recuse from particular matters concerning the EB-5 visa program", Roberts said in a statement.
Seto Bagdoyan, who monitors the program at the Government Accountability Office, says problems with some foreign EB-5 investors have led to criminal investigations.
Lawmakers are considering major changes to the program, through which investors, mostly from mainland China, receive about 10,000 visas each year.
It underscores the extent to which Kushner's private business interests have the potential to collide with his powerful role as a top official in his father-in-law's White House, particularly when it comes to China, where Kushner has become a crucial diplomatic channel between Beijing and the new administration, the report said.
Over the weekend, the Kushners' business was trying to drum up millions of dollars in Chinese investment for a New Jersey skyscraper project.
The White House is now weighing sweeping changes to the EB-5 program proposed by former President Barack Obama.
Neither Kushner Companies nor Qiaowai gave an immediate reply to Quartz's inquiries.