Kushner Companies has yet to secure EB-5 funds for Jersey City project after Chinese road show

Chinese agency Qiaowai said it's too soon to see any investors commit funds to the project

New York /
May.May 15, 2017 09:20 AM

Kushner Companies’ One Journal Square apartment project has not secured any EB-5 funds from Chinese investors after four events promoting the development overseas.

Du Guanchao – general manager assistant with QWOS Group, also known as Qiaowai, which is producing the roadshow in China – said that it’s too soon to see any investors commit funds for the project, Bloomberg reported.

Kushner Companies caused an international uproar last week when Nicole Kushner Meyer – the sister of President Donald Trump’s son-in-law, Jared Kushner – mentioned her brother by name at an event in Beijing promoting the 1,467-unit apartment tower One Journal Square, which is seeking $150 million from EB-5 investors. The development has a projected cost of up to $1 billion, according to marketing materials floated in China.

Qiaowai continued to highlight the event on its website after Kushner Meyer’s gaffe, saying it promoted a “buying rush.”

The Beijing-based company may have skirted the rules for EB-5 in promoting the project. Reuters reported that it may come under scrutiny from the Securities and Exchange Commission for making statements that green cards and project investments were guaranteed. The news outlet also reported that Qiaowai president Ding Ying bragged about her alleged connections to the Trump administration. [Reuters, Bloomberg] – Rich Bockmann


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Charles Kushner and 18 Sidney Place (18 Sidney Place via StreetEasy)

Tenants get class-action status against Kushner in Brooklyn rent case

Tenants get class-action status against Kushner in Brooklyn rent case
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
Kushner Cos to sell Chicago office tower at sharp discount

Kushner Cos to sell Chicago office tower at sharp discount

Kushner Cos to sell Chicago office tower at sharp discount
Charles Kushner and 229 West 43rd Street (Getty, Google Maps)

Kushner Companies no longer delinquent on Times Square loans

Kushner Companies no longer delinquent on Times Square loans
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...