Kushner Companies seeks $150M for NJ project from Chinese investors

Goal is for EB-5 investors to represent 15.4 percent of funding
May 08, 2017 08:45AM

Jared Kushner and Nicole Meyer and a rendering of One Journal Square (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)

Jared Kushner and Nicole Meyer and a rendering of One Journal Square (Photo by PATRICK MCMULLAN/Patrick McMullan via Getty Images)

From TRD New York: Journalists were barred this week from an event in Shanghai that sought Chinese investment in a luxury apartment complex in New Jersey being developed by KABR Group and the Kushner Companies.

The family of President Donald Trump’s son-in-law hopes to raise $150 million, or 15.4 percent of funding for the project, through the EB-5 visa program, according to Reuters. The program allows foreigners to in effect buy U.S. immigration visas by investing at least $500,000. The event was organized by immigration agency Qiaowai, according to marketing materials.

Kushner’s sister, Nicole Kushner Meyer, is said to have spoken for 10 minutes, mentioning her family’s humble roots. According to the New York Times, Meyer attended a similar event in Beijing on Saturday telling the audience of roughly 100 people the project, known as One Journal Square, “means a lot to me and my entire family.”

Sophie Xing, a potential investor, said a “very important” factor in her decision to attend Sunday’s event was that the project’s developer was Kushner Companies and that Trump’s son-in-law’s sister would be speaking, according to Reuters.

Qiaowai made note of Meyer’s relationship to Trump in promotional materials, referred to the project as “Kushner1” and describes the project as “supported by the government, created by a star developer,” according to Reuters. [Reuters | NYT] —Christopher Cameron