EB-5 News Blog: continued uneasiness in China about marketing of EB-5 projects to immigrant investors
On 1/9/11, I pointed to five reports in Su's blog about Chinese officials cracking down on abuses or expressing concern. More recently, Su's EB-5 News blog reported 12/12/11, Report from China: Beijing Exit & Entry Service Association Issues Warning on EB-5 Program:
Beijing Exit & Entry Service Association recently issued a risk warning notice to local Chinese emigration agents and potential investors on EB-5 regional center program. The year of 2011 has been a very busy one for many Chinese emigration brokers that promote EB-5 projects to Chinese investors; various EB-5 projects have been marketed to Chinese investors, and the EB-5 regional center activities in China have been alarming to Chinese emigration trade associations around the country. The recent warning by the Beijing trade association has reflected the official position and uneasiness toward the EB-5 program. All Chinese emigration trade associations are supported and supervised by local exit-entry administration of public security agencies.And what was the busiest regional center in China in 2011, marketing aggressively to corral millionaires hoping to acquire green cards for themselves and their families, in exchange for purportedly job-creating investments?
The New York City Regional Center, noted for marketing Atlantic Yards and other projects--and also the subject of a lawsuit from a former affiliate, which claims it was cheated out of finder's fees.