Chinese funding Trump-branded project
http://atimes.com/2016/03/chinese-funding-trump-branded-project/
Chinese funding Trump-branded project
By Asia Unhedged on March 8, 2016
One of the foundations of Donald Trumps campaign for US president is attacks on China.
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However, Trump Bay Street, a 50-story luxury rental apartment building in Jersey City, N.J. is basically selling expedited visas to wealthy people willing to invest in the project, according to a Bloomberg report. The building, which is branded with Trumps name, is being built by his son-in-law.
The project is using a controversial US government visa program, known as EB-5, to raise tens of millions of dollars, by offering expedited visas to foreign investors.
Under EB-5, foreigners who invest at least $500,000 in a project promising to create jobs can receive a two-year visa with a good chance of obtaining permanent residency for them and their families. In 2014, the US issued 10,692 of these visas 85% to people from China.