Friday, August 18, 2017

Receiver’s offer to AnC Bio investors: $500,000 refunds or ‘redeploy’ it

(Source: VTdigger.org) More than 130 EB-5 investors in a proposed $110 million biomedical research facility in Newport later deemed by regulators “nearly a complete fraud” have a choice to make. But the clock is ticking.

The investors have until Aug. 31 to decide to either get back their $500,000 investment in AnC Bio Vermont, or put the money toward another project approved by a court to raise funds through the federal EB-5 visa program. Read more at https://vtdigger.org/

Tuesday, August 15, 2017

EB-5 Current Status in China

Many regional centers and developers have been asking a lot questions about Chinese market and the current mindset of migration agents and investors alike.  As everyone knows that the EB-5 Regional Center Program will expire on September 30, 2017. Based upon our daily communications with emigration professionals across China who are constantly asking for updates on the program,  here are some quick thoughts on upcoming legislative actions and status of Chinese market.Hope a permanent legislation will pass by the end of September.  To learn more about investments from China, please contact us at artisanbusiness@yahoo.com

Under current EB-5 Regional Center Program
  1. Retrogression has real impact and Chinese market is slowing down due to uncertainties on EB-5 legislation.
  2. Fraud as a negative impact on marketing of legit projects.
  3. Without changes to current program, we will see a 50% drop of subscriptions (Approximately 8,000 visas reduced to 4,000 visas) in the coming year.
Under new EB-5 Regional Center Program
  1. Chinese market will slowly bounce back when investors realize more certainties with the program
  2. $800,000 investment level is not an issue for investors; retrogression is an issue.
  3. Investors will find a way to wire money out despite tighter restrictions.
  4. Good and solid rural projects will be considered by both migration agents and investors since they receive priority consideration under new program. 
  5. Real estate projects continue to be popular among Chinese investors.

Friday, August 11, 2017

Delshah raises $52M in Tel Aviv for $250M Morningside Heights project

(Source: The Real Deal) Israeli road show veteran Micheal Shah raised $52 million in a bond issuance on the Tel Aviv Stock Exchange to finance a $250 million redevelopment project in Morningside Heights. The total falls short of Shah’s $63 million offer, and carries a fixed interest rate of 6.15 percent, the maximum allowed under the terms of the offer.

Shah planned to finance the project — which would convert a five-building complex at 30 Morningside Drive to high-end rentals — with a combination of a roughly $130 million construction loan, $70 million in bonds raised in Tel Aviv, and $50 million from capital sources, including EB-5 money, according to a bondholder presentation.

His company, Delshah Capital, purchased the complex for $102 million in 2014, also with funds raised in Tel Aviv. He plans to convert it to 205 high-end rentals.

Unlike previous bonds, Shah’s offer gives the bondholders membership interest in the entity that owns 30 Morningside, putting them in the second position in the capital stack. Up to $30 million in excess EB-5 money would serve as a cushion for paying back the bond money, Shah said. Delshah thus far has raised $12.5 million in Eb-5 funds, out of a possible $50 million, Shah said.

The real estate firm previously had about $120 million in the Israeli bond market and Shah’s first substantial payment, of close to $22 million, is due in 2021. Delshah has 14 properties in its portfolio at a value of $623 million, according to the rating company Midroog. The rating company put the Delshah’s loan-to-value ratio at 40 percent and loan-to-capital ratio at 50 percent, which will rise to up to 61 percent once the financing for the Morningside Heights project is included.

The company recently closed on a $28 million loan from Cantor Commercial Real Estate to refinance two properties in New York, at 69 Gansevoort and 58-60 Ninth Avenue. The five-year loan carries a 4.25 percent interest rate.

In May of 2016 The Real Deal published a detailed feature that shows how U.S. real estate players raise money on the Tel Aviv Stock Exchange.

Wednesday, August 9, 2017

SEC civil case filed against Chicago attorney

The Securities and Exchange Commission filed civil action against Chicago Immigration Attorney Seyed Taher Kameli, who raised nearly $89 million dollars from 2009-2016. Read the details of case file from the SEC here

Tuesday, August 8, 2017

Prison for man who ‘stole the futures’ of other immigrants

(Source: Herald Net) — A federal judge on Friday sentenced Lobsang Dargey to four years in prison, saying the disgraced developer found a path to the American dream, and then preyed on others who yearned for the same. U.S. District Court Judge Robert Lasnik said Dargey belonged behind bars for his “incredibly reckless” conduct. Dargey hurt people like himself — those who wanted to make a better life for their families in the U.S., Lasnik said. The typical immigrant comes here and “works like heck” so the next generation can prosper, the judge said. Instead, the defendant turned to harming others.

Dargey, 43, of Bellevue, pleaded guilty in January to wire fraud and concealing information from authorities. He must turn himself in at a later date to begin his sentence. He likely will be imprisoned near his family, who now live in another state. Dargey brought Potala Village and Path America Farmer’s Market to Everett and was attempting to build a Seattle skyscraper when the federal Securities and Exchange Commission in 2015 brought legal action to halt his fraud. Under the plea agreement, Dargey admitted to diverting millions of dollars of investors’ money. Much of it was raised under a federal EB-5 program that seeks to spur economic development by providing immigrant investors a quicker path toward legally living in the U.S. Many of his investors have been denied a green card or live in fear of deportation, said prosecutors, who sought a decade-long sentence.

“He stole their futures in this country,” Assistant U.S. Attorney Seth Wilkinson said.
Baipeng Wu spoke on behalf of the victims. He said his family sold their house in China to raise money to invest in Dargey’s projects. He recounted being told that his children, 7 and 13, would one day go to school with the children of others in business with Dargey. Now he worries they will be sent back to China. “You were using the American spirit, the American freedom as bait…,” he told the defendant Friday. “This greed blinded your conscience.” As part of his plea, Dargey agreed to pay back $24 million to his investors. 

The defense team suggested a year in prison would be appropriate. Dargey’s projects brought hundreds of jobs and millions of dollars in economic development to Everett and the region, attorney Bob Mahler told the judge. When his misdeeds were discovered, Dargey pushed to complete his unfinished projects in a bid to make his investors whole, he said. Lasnik wasn’t convinced. He said the hot real estate market played a big role in mitigating the damage. Dargey was a charismatic salesman who believed everything would work out, the judge said.

Instead of struggling in America, Dargey “comes over and rockets forward,” Lasnik said. “I still am desperate to hear where things went wrong.” Dargey grew up in Tibet where he trained to be a monk. He fled to avoid persecution by Chinese security forces. He reached the U.S. in 1997 and started working a variety of jobs. His Everett connection began in 2006 when he purchased the Everett Public Market. The foundations for Dargey’s fraud were laid in 2010 when he began development projects in Seattle and Everett and tied them to the federal EB-5 program.

Prosecutors said Dargey convinced Chinese investors and lenders to put nearly $240 million into his projects, and he illegally spent the money on business that didn’t qualify for the EB-5 program, or diverted it for his own use. He wooed clients with fancy steakhouse dinners and drove a Bentley. Mahler said Dargey lives with traumatic stress linked to his flight from Tibet and has difficulty reading and understanding English. He said others in the business should have warned Dargey that he was spinning out. “The brakes failed,” he said. “… I just don’t think he understood how to run an organization.” 

The Seattle courtroom was packed with dozens of Dargey supporters, many of them immigrants from Tibet and China. His wife sat with their young daughter resting on her lap. The couple also have toddler twins. At the advice of his attorneys, Dargey remained silent during the hearing. Earlier in the morning, he had hugged and thanked friends and family in the courtroom. 

Before announcing the sentence, Lasnik told Dargey that he saw more recklessness than greed in his actions. The judge likened Dargey’s business deals to a time when Dargey tried to surf in the Pacific Ocean, an anecdote that was shared with the court in a letter of support. Dargey lied to his friends about knowing how to swim. He almost disappeared into the water. “You cannot overwhelm life with just your desire to overwhelm it,” Lasnik said.

Rise of Asian family offices

(Source: The Business Times) Asia has been leading the way of wealth creation in recent years. According to the latest UBS Billionaires Report 2016, around 85 per cent of Asia’s billionaires are first-generation and we will witness one of the largest wealth transfers over the next 20 years. Worldwide, fewer than 500 people are expected to hand over more than US$2.1 trillion to their heirs, the equivalent of India’s GDP (gross domestic product) in 2015.

As Asian families of substantial wealth grow in size and complexity, succession planning becomes increasingly important in achieving business and wealth continuity. Hence, a growing number of Asia’s wealthiest families are considering setting up family offices (FO), to serve as their focal point to navigate and coordinate family and wealth management matters in a centralized and consistent way. Beyond the general assumption that a family office would purely be set up to manage the family’s financial assets, other drivers such as facilitation of intergenerational family communication, next-generation development and philanthropy are top motivators. This coincides with the findings of the latest UBS Global Family Office (GFO) Report 2016 where succession of control from one generation to the next was mentioned as the most important objective in setting up a family office. Some family office setups in Asia may be driven and initiated by a generational transition when a young generation family member (often Western educated) takes an active role in the management of the family affairs outside of the family’s operating businesses.

For families which already have an informal “family office”, we see an increasing trend of professionalization of these structures as the second and third generations assume roles of leadership in family wealth management. As at 2016, implementing a succession plan was cited as the single most important governance priority of Asian family offices, followed by the creation of a sustainable family communication plan and the implementation of a risk management framework around the FO assets. These priorities should not come as a surprise as we expect 75 per cent of Asia-Pacific based family offces to undergo a generational transition within the next 15 years.

Avoiding pitfalls
Prior to setting up a family office, families are often interested to find out more about certain key areas. These include benefits that the family office setup will bring to the family principals, avoiding pitfalls when setting up a family office, running a family office professionally yet cost efficiently, and maintaining alignment between the family principals and the family office executives.
To assist families in their family office setup journey, UBS and Cambridge Institute for Family Enterprise recently published the Family Office Compass, a state-of-the-art toolkit, which provides a hands-on process from strategic considerations around the design of the family office to important implementation stages, including structuring, governance and operational considerations. 

Size and cost structure
The wealth threshold that can sustain a family office depends on a variety of factors, including the scope of services offered by the family office to its principals (the family), the type and complexity of assets under management (AUM), the number of professionals needed to provide the services, the number of principals served, and so on. For some family offices, a threshold of US$100 million in AUM may make sense, while for others, the threshold might be much higher. In 2016, on average, an Asia-based family office was managing US$492 million for the principal family running it.
As a general rule of thumb, when deciding on the size of a family office, one should always run a cost analysis and evaluate the viability on a relative basis. In 2016, Asia-based family offices were among the most expensive globally with average operating costs of 115 basis points (bps) of invested assets versus 98 bps globally (92 bps for North America and 101 bps for Europe). 

Investment allocation
At UBS, most of the family offices that we encounter in the Asia-Pacific are focused on investments for one or a limited number of principals, usually with strong links between the principals (family members, close friends). For Asian family offices, private equity is becoming increasingly important in the portfolios as they look to benefit from the illiquidity premium associated with this asset class coupled with their longer-term time horizon. Real estate continues to be a key component of family office portfolios as it continues to provide attractive long-term real returns derived from both income and capital growth. Interestingly, we see diversification away from home markets in Asia and towards more professional money managers as family offices hire more veteran financial professionals. Singapore-based family offices hold 26 per cent of their portfolio in assets such as direct venture capital, private equity as well as co-investing, compared to the average Asia-Pacific family office (23 per cent) and 14 per cent for other regions. 

Impact investing
Even more so than other regions, the UBS Global Family Office 2016 found that impact investing is gaining real traction in the Asia-Pacific with almost two thirds of families in the region active in this area. The younger generation places an increasing importance on social returns rather than purely focusing on financial returns. They are beginning to engage in more strategic, innovative and goal-oriented models to sustainably solve the social and environmental issues that they care about. In Singapore, there has been a rising interest in impact investing with 43 per cent of family offices already active in the field or likely to be active in the future.

We expect this shift from traditional donation based philanthropy towards investment-based models focusing on achieving long-term social impact to further gain in significance, in connection with the generational transitions of family office principals and the professionalization of family offices in the region.

Friday, August 4, 2017

Florida could lose millions of investment dollars if Trump-backed immigration bill passes

(Source: Miami Herald) A little-noticed provision in the congressional bill overhauling the U.S. immigration system that President Donald Trump endorsed Wednesday would abolish a program that has brought billions of dollars into the United States — including hundreds of millions for Florida — from foreign immigrants who get visas and green cards in return for investments in job-creating projects.

Most of the extremely heated discussion of the plan has focused on its broadest features, including cutting the number of legal immigrants by half and de-emphasizing family reunification in favor of immigrants with particular job skills.  Read more at http://www.miamiherald.com/

Thursday, August 3, 2017

US attorney subpoenas Kushner Cos. over investment-for-visa program

(Source: Fox News) Kushner Cos., the New York property development business owned by the family of White House senior adviser Jared Kushner, has been subpoenaed by New York federal prosecutors regarding its use of an investment-for-immigration program, according to people familiar with the matter.

The subpoena concerns at least one Jersey City, N.J., development financed in part by a federal visa program known as EB-5: twin, 66-floor commercial-and-residential towers called One Journal Square, said a person familiar with the subpoena.

A spokesman for the Brooklyn U.S. attorney’s office, which issued the subpoena, declined to comment. The Kushner Cos. general counsel, Emily Wolf, said in a statement that “Kushner Companies utilized the program, fully complied with its rules and regulations and did nothing improper. We are cooperating with legal requests for information.” Read complete story on Fox News

Wednesday, August 2, 2017

Cotton and Perdue Introduce the Reforming American Immigration for a Strong Economy Act

(Source: The Office of US Senator Tom Cotton) Washington, D.C. - Senator Tom Cotton (R-Arkansas) and Senator David Perdue (R-Georgia) will today introduce the Reforming American Immigration for a Strong Economy (RAISE) Act, a bill that would spur economic growth and raise working Americans' wages by giving priority to the best-skilled immigrants from around the world and reducing overall immigration by half.

"For decades our immigration system has been completely divorced from the needs of our economy, and working Americans' wages have suffered as a result. Our legislation will set things right," said Cotton. "We will build an immigration system that raises working wages, creates jobs, and gives every American a fair shot at creating wealth, whether your family came over on the Mayflower or just took the oath of citizenship."


"President Trump campaigned on growing our economy and fixing our immigration system," said Senator Perdue. "Right now, our current immigration system does not meet the needs of our economy. We want to welcome talented individuals from around the world who wish to come to the United States legally to work and make a better life for themselves. The RAISE Act will create a skills-based system that is more responsive to the needs of our economy and preserves the quality of jobs available to American workers."

 

Specifically the RAISE Act would:
  • Establish a Skills-Based Points System. The RAISE Act would replace the current permanent employment-visa system with a skills-based points system, akin to the systems used by Canada and Australia. The system would prioritize those immigrants who are best positioned to succeed in the United States and expand the economy. Applicants earn points based on education, English-language ability, high-paying job offers, age, record of extraordinary achievement, and entrepreneurial initiative.
  • Prioritize Immediate Family Households. The RAISE Act would retain immigration preferences for the spouses and minor children of U.S. citizens and legal permanent residents while eliminating preferences for certain categories of extended and adult family members.
  • Eliminate the Outdated Diversity Visa Lottery. The Diversity Lottery is plagued with fraud, advances no economic or humanitarian interest, and does not even promote diversity. The RAISE Act would eliminate the 50,000 visas arbitrarily allocated to this lottery.
  • Place a Responsible Limit on Permanent Residency for Refugees. The RAISE Act would limit refugees offered permanent residency to 50,000 per year, in line with a 13-year average.

Click here to read the full text of the legislation. Additionally, click here for a section by section summary and here for a fact sheet on the legislation.

Trump, GOP senators unveil measure to cut legal immigration

(Source: The Hill)  President Trump on Wednesday teamed up with two conservative Republican senators to roll out new legislation aimed at dramatically curbing legal immigration to the United States, a key Trump campaign promise. Sens. Tom Cotton (R-Ark.) and David Perdue (R-Ga.) have been working with White House officials to revise and expand a bill released earlier this year that would halve the number of people who receive legal permanent residence over a decade.

The senators joined Trump at a White House ceremony to announce the measure. Read more at http://thehill.com/

Caffe Primo Money Man Accused of Stealing Nearly $10 Million from Overseas Investors

(Source: Eater Los Angeles) It’s a bad time to be part of the Caffe Primo universe right now, as the local Italian-leaning cafe chain fights off closures and rumors galore. One thing that is known for sure: at least one investor behind several locations of the company is in pretty big trouble with the Securities and Exchange Commission. Read more story at https://la.eater.com

Tuesday, August 1, 2017

ABG to host 2017 US Investment Executive Training Program

2015 session

2016 session

Artisan Business Group will be hosting 2017 US Investment Executive Training Program in Dallas Texas and San Juan Puerto Rico September 26 - October 4, 2017.  This is the 3rd annual training event for Chinese investment executives and migration professionals.  Over twenty executives from China are expected to participate in the program.

Please contact us for sponsor participation! Feel free to inquire details at artisanbusiness@yahoo.com 

Monday, July 31, 2017

The EB-5 program has a growing problem. A new fund seeks to tackle it

(Source: The Real Deal) Greystone, investment advisor Capital United and fintech firm NES Financial on Thursday launched what they claim is the first specialized EB-5 redeployment fund. The firms hope to tackle a growing and underreported problem faced by developers who tap into the popular cash-for-visa program: what to do when a project is finished but the foreign investors who paid for it are still waiting for a green card? Read more at https://therealdeal.com/

Friday, July 28, 2017

Solutions to the Chinese EB-5 Visa Backlog

(Source: Wolfsdorf Rosenthal) The EB-5 community has contended with the Chinese EB-5 visa backlog ever since the U.S. Department of State (“DOS”) implemented a cut-off date in May 2015.  Today, the backlog stands at over 3 years, and it’s been estimated that the wait time for conditional residency for Chinese EB-5 investors filing today could be almost 10 years. Since mainland Chinese nationals make up around 80% of all EB-5 investors, a crisis is looming as a result of the EB-5 Immigrant Investor Program’s recent success, which threatens the very viability of the visa program.  The backlog not only affects EB-5 investors, but also Regional Centers, project developers, and the EB-5 industry as a whole, who need to reconcile EB-5 requirements with this new reality.

The EB-5 visa quota was first imposed in 1990 and has never been changed, despite its benefit to the U.S. economy and U.S. workers.  It is time to bring the EB-5 Immigrant Investor Program into the 21st century and create reasonable immigration levels to EB-5 investors in a consistent, predictable manner that match our country’s immigration and economic priorities.  Congress may enact any one or a combination of legislative solutions to clear the backlog and maintain demand for a viable and vibrant EB-5 Program along with new legislation to better benefit the U.S. economy.  USCIS may also implement administrative solutions to resolve this issue.

Legislative Solutions
A. Eliminate Derivatives from Counting Against the Available EB-5 Visas
Ensures Congressional Intent is Followed and Only Count Principal Applicants Towards EB-5 Quota
Provides simplest and most effective solution to the EB-5 backlog problem
Already contemplated in Senator Cornyn’s April draft, as well as Senator Paul’s bill S. 727
B. One-Time Use of Unused “Wasted” Visa Numbers from Prior Fiscal Years
Recaptures Unused, Wasted Lost Visas to Clear Backlog of Approved Cases and Reform EB-5 By Bringing it into the 21st Century
C. Remove per country quotas
Removing “per-country” quotas from the numerical limitations would put investors from all countries on the same footing, imposing the same waiting line requirements for everyone, based solely on their priority date, not on their country of chargeability.
D. Remove Chinese Student Protection Act Borrowing from Annual Quota that Depletes Chinese EB-5
The mainland Chinese EB-5 quota specifically is greatly decreased because of the CSPA law from decades ago. Ending this drain on the Chinese EB-5 quota would have a significant impact on the backlog.
E. Take Visas from DV Lottery
Our immigration policies should be more closely aligned with our country’s economic goals, like job creation for U.S. workers. Congress could allocate 10,000 of these visas to reduce the current EB-5 visa backlog.

Administrative Solutions
A. Concurrent Filing of I-526/I-485
This would alleviate pressure for many awaiting in the U.S. but presents challenging issues regarding entering on visitor visas and applying to adjust status. Allowing investors work and travel permits would be especially helpful in direct EB-5 cases, allowing them the freedom to live in the U.S. and work on their businesses.
B. Allowing Chart B – Date For Filing (DFF) Cutoff Date to File Form I-485 Application for Adjustment; Granting Parole and Employment Authorization for persons with Approved Forms I-526
In October 2015 and November 2015, USCIS allowed persons in the U.S. to file adjustment of status applications thereby providing the benefit of a work and travel permit to certain classes of EB-5 applicants with approved petitions based on the more generous Chart B, the Date For Filing. Allowing Chart B softens the visa backlog blow by allowing earlier ability to live and work in the U.S.
C. Parole for Entrepreneurs
While the Obama Administration’s version of the entrepreneur parole regulation has recently been withdrawn, it makes sense for USCIS to consider parole for investors that need to enter to inspect investment opportunities, especially for direct cases, where they may need to manage the business. Otherwise, a painstakingly prepared and compliant EB-5 business plan may never be implemented to create U.S. jobs.
D. National interest investor category
USCIS and/or Congress could use the existing EB-2 national interest waiver category for foreign nationals who make EB-5 investments in rural areas, certain urban areas, and at closed military bases. This would give priority to those investors who create a meaningful and important benefit to the U.S.

Conclusion
Without changes that increase annual number of EB-5 visas issued each year, the EB-5 Program’s continued high use-rate and success for creating jobs for U.S. workers will diminish.  It’s high time that Congress or USCIS use the solutions listed above to provide relief to Chinese EB-5 investors. The American Immigration Lawyers Association has prepared a White Paper on this topic, for additional reading.

Tuesday, July 25, 2017

Hudson Yards Tunnels likely to sit empty for foreseeable future

(Source: The Real Deal) The towers that make up Hudson Yards on Manhattan’s far west side are rising fast. But underground, things are quieter. Two key pieces of infrastructure — tubes that would link a new tunnel under the Hudson River to Pennsylvania Station — have run out of funding.

“We can’t afford to punt any longer,” Representative Josh Gottheimer, a Democrat from New Jersey, told the New York Times. “That’s frankly why I’m here. You see what’s going on in the ‘summer of hell.’ People are experiencing what’s going to go on when you have 100-year-old tunnels and equipment breaking.”

Work on the project came to a stop after the federal Department of Transportation pulled out of the development in the latest sign that the Trump administration is losing interest in a $23.9 billion infrastructure project considered vital to New York City and New Jersey.

Currently, the first and second sections of the casing are complete, while the third is fully designed but lack construction funding. According to the Times, it could be a long wait for funding to materialize, since a recent report estimated that the new Hudson River tunnels will cost nearly $13 billion, more than $5billion over the original estimate. If Congress funds the project in the near future, construction could begin by fall 2019 and wrap up in spring 2026. But in a era of political mayhem and division, nothing is certain.

Monday, July 24, 2017

Rural EB-5 projects wanted

The latest proposed EB-5 legislation has influenced Chinese emigration professionals to begin seeking out rural EB-5 projects.  If you have a high quality real estate project in rural area, please contact us at artisanbusiness@yahoo.com

These visas may vanish, even though they have paid for lots of Miami buildings

(Source: Miami Herald) A federal program that has help fund dozens of big new South Florida business projects over the past decade by swapping U.S. visas and green cards for foreign investment dollars is teetering on the brink of political extinction, according to its supporters. The EB-5 visa program, which by the estimate of the investment community has funneled more than $18 billion in overseas cash into U.S. business development since 2008 — including hundreds of millions of dollars in Florida — will expire on Sept. 30 unless Congress renews it. Read more at http://www.miamiherald.com/
Read more here: http://www.miamiherald.com/news/local/immigration/article163169213.html#storylink=cp Read more at http://www.miamiherald.com/news/local/immigration/article163169213.html

Investors gather in San Juan to discuss Puerto Rico opportunities

2017 and Beyond: Chinese Investments and Trends is taking place on July 27, 2017 in San Juan, Puerto Rico.  The much-anticipated Chinese outbound investment workshop will bring together executives and professionals for a high level discussion, peer to peer exchanges and one on one networking sessions. The workshop will focus on reviewing new regulatory changes in the US and China, future trends and strategic solutions. We will cover some of the latest developments and issues of Chinese outbound investments.  Register now at https://www.eventbrite.com/
 
Invited speaker/panelist faculty and program details and event venue will soon be announced to participants.
 
Program Topics:
  • Xi-Trump meeting and its impact on Sino-US relationship
  • "The Belt and Road" initiatives & USA
  • Overview of Chinese investments in the Caribbean and Latin America regions
  • New trends in emerging industry sectors: Real Estate & Manufacturing
  • Strategies for attracting Chinese investments and businesses
  • Alternative financing and EB-5 immigrant investors program
  • Challenges and solutions for outbound investments from China

Friday, July 21, 2017

New York Wheel delays could spell disaster for project’s EB-5 investors

(Source: The Real Deal) Staten Island’s embattled New York Wheel recently hit another major setback when the developer fired its design and construction team, delaying the project indefinitely. It’s a huge blow not just for the city’s Ferris wheel enthusiasts but also for the project’s EB-5 investors, who experts say could face deportation if the wheel doesn’t quickly get back in gear. Read the story at https://therealdeal.com/

Exclusive: Jared Kushner's White House connection still being used to lure Chinese investors

(Source: CNN) Jared Kushner's status as a top aide to President Donald Trump was used to lure Chinese investors to his family's New Jersey development, even after his family's company apologized for mentioning his name during a sales pitch in May, CNN has found. See CNN report at http://www.cnn.com/

Thursday, July 20, 2017

The developer of a 'China City' in rural New York emerges as a major Trump donor

(Source: USA Today) Sherry Li, a Long Island businesswoman who once proposed a sprawling Chinese Disneyland in the Catskill Mountains, is far from a prominent figure in national politics. But she and a business associate have just emerged as some of the year’s biggest financial backers of President Trump’s political operation. Late last month, Li and Lianbo Wang, described in federal election filings as her corporate board member, donated a combined $600,000 to Trump Victory, the fundraising committee the president established with the Republican National Committee to attract high-dollar contributors. Read story at https://www.usatoday.com/

Half of Chinese millionaires want to move abroad, but NYC is not their top destination

(Source: The Real Deal)  Around half of wealthy Chinese are toying with the idea of moving overseas, but New York is not their top destination in the U.S. Los Angeles is the most popular city within the U.S. among Chinese with a net worth of more than $1.5 million who want to move their families out of the country, according to a survey from Hurun Report. New York ranks fourth, behind Seattle and San Francisco. The United States was still the most popular destination, ahead of Canada, the United Kingdom and Australia.  See more at https://therealdeal.com/