As Trump connection to EB-5 gets big play, remember how Chinese government gains from hawking U.S. visas for Atlantic Yards
[Republican Presidential front-runner Donald Trump] has called for a revamping, even a freezing, of the immigration system, but says he would make an exception for the highly skilled.This was reprinted in publications like the Boston Globe and picked up by (among others) Talking Points Memo, Gawker, Slate, Raw Story, Fortune, the Jersey Journal, Gothamist, the Guardian (oddly generous to EB-5) as well as Republican sites like Red State, Breitbart, and the National Review. One right-wing site, FrontPageMag, defended the program, while immigration hawk David North of the Center for Immigration Studies noted that Hillary Clinton's brother also used EB-5.
Yet no skills are required of the wealthy Chinese being courted by a Chinese-subtitled video to help finance a huge Trump-branded tower in New Jersey...
The video was produced to help raise tens of millions of dollars through a controversial government program that offers expedited visas to foreign investors overwhelmingly from China. While the program has many supporters who argue it attracts foreign capital and creates jobs at no U.S. taxpayer cost, congressional overseers and Homeland Security have raised sharp concerns....
Trump Bay Street is a 50-story luxury rental apartment building being built by Kushner Companies, whose chief executive officer, Jared Kushner, is married to Trump’s daughter Ivanka.
My exclusive: New Trump tower financed by wealthy Chinese who pay cash for visas through controversial program: https://t.co/dqrmwQkyhS— Jesse Drucker (@JesseDrucker) March 7, 2016
I pointed out yesterday that there's a more egregious dog-bites-man EB-5 story out there. That means very cheap loans--$249 million in the latest round, $100 million before that--benefiting Atlantic Yards/Pacific Park, now 70% owned (excepting the Barclays Center and B2 modular tower) by Greenland Holdings, which was majority owned by the government of Shanghai at the time of the money-raising (and is now plurality-owned).
Even more outrageous? When Chinese *government* gains from #EB5 visa program https://t.co/C1IIpiWIuc #AtlanticYards https://t.co/GCbW8HmDwT— Norman Oder (@AYReport) March 7, 2016