It seems Donald Trump and Vermont’s NEK mega developer Bill Stenger have something in common-they both love EB-5 investors from China.
Considering all his anti-immigration and China is “killing us,” stealing our jobs and money rhetoric, Trump surprisingly has no qualms accepting Chinese investor financing for a development project in New Jersey under the Trump® name.
The Federal EB-5 visa program provides foreign investors with a US green card, for them and their families, and (after two years) permanent resident status in exchange for agreeing to invest $500,000 in an approved US business. In recent years the majority of EB-5 foreign investment funds have been from wealthy Chinese. EB-5 provides a “safe” place for their cash outside of China. Is it possible Donald’s EB-5 immigrant investors are issued a Trump visa card?
The Trump investors’ EB-5 money is for a 50-story luxury apartment building in New Jersey only a short distance from Lower Manhattan. It is licensed under the Trump name and run by the Kushner Company. Jared Kushner is married to Trump’s daughter Ivanka.
Kushner Companies is a New Jersey-based real estate firm built by Kushner’s father Charles, a former rainmaker in New Jersey Democratic politics who pleaded guilty to a federal campaign finance violation, filing false tax returns, as well as attempts to silence a witness. Charles was sentenced in 2005 to a prison term of two years. He remains active in the company. Jersey City is the first and, so far, only Trump project for the company.
About the Chinese funded NJ development, a Trump spokesperson says: “This was a highly successful license deal but he [Trump] is not a partner in the financing of the development.”
In his campaign for the Republican nomination for president Monday, Trump took a break from beating up on China, and in remarks the NYTimes.com called “unusual, if not anachronistic,” went after Japan for currency manipulation. And the band — or at least its bombastic tuba — plays on.