The Real Deal New York

EB-5’s underbelly

Delays and fraud have given the visa-funding program a bad rap
By E.B. Solomont | June 10, 2015 11:30AM

From the June issue: Chinese developer XIN Development made headlines last year when it landed a $165 million loan from Fortress Investment Group to build its South Williamsburg condominium, the Oosten. Now, the developer is looking for another $50 million via the much-ballyhooed EB-5 program. [more]