The Real Deal New York

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
May 15, 2017 09:20AM

From left: Jared Kushner, Nicole Kushner Meyer and rendering of One Journal Square (Credit: Getty Images and Woods Bagot)

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