Millionaire Chinese investors are funding Trump tower in exchange for visas: Shanghaiist

Noted China lover/hater Donald Trump is finding himself at the center of yet another controversy after it was revealed yesterday that a new 50-story luxury rental complex in Jersey City with his name on it is being made great with the help of millionaire Chinese investor/immigrants. Bloomberg reports that Trump Bay Street, currently being built by a company owned by Trump’s son-in-law Jared Kushner, is financed by tens of millions of dollars from a controversial program that provides big foreign investors with US visas and a path to residence. The EB-5 visa program calls for an investor to provide a minimum of $500,000 before he is granted a two-year visa, along with a chance at permanent residency in the US for himself and his family. Each year, the program attracts about 10,000 foreign millionaires to the US — 85% of them Chinese. It has recently come under criticism for its rather loose vetting process that doesn’t require applicants to submit proof of education, work qualifications or even the source of their money. While Trump Bay Street has his name on it and is being built by his son-in-law, it’s unclear how closely Trump is working on the project. The tower is yet another case of Trump, who labels himself as the “BEST builder,” merely selling his trusted last name to a project, while his assistant says that he has no hand in managing its finances.

Source: Millionaire Chinese investors are funding Trump tower in exchange for visas: Shanghaiist