From the New Jersey Market Report: Foreign investment in New Jersey real estate made international news in May when Nicole Meyer, sister to White House senior advisor and Trump son-in-law Jared Kushner, invoked her brother name’s — and used a picture of the U.S. president — while in Beijing soliciting money from wealthy Chinese investors for Jersey City’s One Journal Square project, igniting a furor over potential conflicts of interest.
Like many U.S. developers, Kushner Companies was seeking funds from China through the EB-5 visa program, which is essentially a cash-for-green-cards system. The legislation has been hotly contested for some time, with U.S. pols calling for major reforms to the program, which has been marred by corruption scandals. A decision on what those reforms will be has been hard to come by, and a vote on the EB-5 program has once again been postponed, this time until September 30.