Report: Trump-Branded Tower Partially Funded by Chinese Seeking Visas
According to a new report, one of Donald Trump’s branded real estate projects was partially funded by Chinese businessmen seeking visas.
The Hill reports:
Bloomberg reports that a “Sopranos”-themed video with Chinese subtitles was used to attract the investors through a controversial immigrant visa program for the building, which bears the name of Trump, who has strongly criticized China throughout his presidential campaign for taking away jobs and money from the U.S.The EB-5 visa program, which provides mostly Chinese nationals a two-year visa and chance at residency for those investing at least $500,000 in a project aimed at creating jobs, has been of concern to critics who characterize it as the U.S. selling visas to those without proven skills.
Bloomberg quoted the U.S. Immigration Fund, which said the Trump Bay Street luxury rental apartment building raised $50 million, roughly a quarter of its overall funding, from loans through the EB-5 program, mostly from Chinese investors.
“This was a highly successful license deal, but he is not a partner in the financing of the development,” a Trump spokesperson told Bloomberg.
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