A Manhattan-based immigration lawyer and real estate broker wants to connect wealthy Chinese investors looking for green cards with small developers and nonprofits to build affordable housing, recreation centers, assisted living facilities and other projects across the city.
Min Chan hopes to tap the controversial federal immigration program known as EB-5, which grants visas to foreigners who invest $500,000 in U.S. projects that create 10 full-time jobs within 2 years. The program also gives visas to their families and children.
Roughly 85 percent of applicants last year were from China, thanks to the county's soaring number of millionaires in recent years, according to a report from commercial real estate firm Savills Studley. The State Department announced this month that the U.S. already reached its quota for its 10,000 EB-5 visas to be given out this fiscal year because of demand from China — marking the second year in a row the program hit its limit.
The program, which enables developers to tap low-interest funding, is intended to be a job-generator for high-poverty and high-unemployment areas.
In reality, EB-5 is helping fund some of the city's swankiest projects from some of the top developers like Silverstein Properties' towering, ultra-luxurious Four Seasons Hotel New York Downtown rising at 30 Park Place, the Durst Organization's Danish-desinged glassy pyramid-shaped high-end rental rising on West 57th Street and Kushner Real Estate Group's NoMad tower at 281 Fifth Ave.
The EB-5 program — which is up for review in Congress this September — has come under fire for lax regulations that have led to shadowy transactions and scams. Some watchdogs have raised national security concerns since the fast-tracked EB-5 visas aren't required to have the same background checks as other visa applicants.
10 comments:
This is just a way to get into the country for a price. Citizenship should not be sold. The usa government is selling us out to the highest bidders and its not fair or right!
If I was them, I would be more concerned of where their dollars are coming from. I, as an American citizen, have to answer a million questions before buying a house here. Yet these foreigners can just walk in with money coming from who knows where and not one question is asked to them when they want to buy property. In china, in order to buy property there, you have to have worked or went to school there for at least two years before buying any property.
Our government can't even keep track of who's crossing our borders . How the heck will these EB5 applicants be tracked and monitored???
I agree 1000% that USCIS short changed American citizenship EB-5 investment visa-greencard American citizenship program for clearance bargain price. CNN has elevated this issue long time ago!!! . Other progressive countries such as Canada and England refused to entertain investment visa from China. Malta, a small country near Italy by the Mediterranean, offers $1.3 million investment !!!!! USA MUST BE STAGERRINGLY POOR IN STATURE THAT THE AMERICAN CITIZENS DO NOT KNOW!!!!!!!!! It is a shame.
The Chinese nationals already cracked on USCIS -Federal regulations better and easier than EB-5 visa program. It is called " preggies birthing tour in USA." Pregnant Chinese women as,advertised in China come in bulk load by thousands and thousands to USA paying $40,000 to $80,000 each and stay in luxurious hotels, shopping, and touring. But they lied to immigration that about their pregnancies and intent. Because these women do no have health insurance, they give birth in American hospitals for Free, using public funds. Hospitals reported numerous cases of these. Immediately, these foreign nationals have instantly an US born American born babies!!!!!!
Some private houses are used as nursery for babies while papers are in process. FBI cracked down a few cases recently on these "anchored babies."
America has always allowed buying into their system. We are a capitalist nation. Money talks and bullshit walks. By BS, I mean activist groups, demonstration organizers without money. Make all the loud noise you want. Hold a parade of protest. Big bucks make for the biggest bang!
Now, this is for real. I once got a fortune in a Chinese fortune cookie which said, "With money, a dragon. Without money, a worm".
The Chinese appear to be better capitalist entrepreneurs than the average American, despite their Communism.
Flushing was the lab model where Taiwanese-Chinese bought politicians. Those pols then advocated for them instead of you. It worked well there, so expanding into buying citizenship was the next step. Millions of Yuan buys a lot.
Stop complaining , you complacent, spoiled American citizens. Talk, talk, talk....and being absorbed in decadent distractions is costing you your way of life.
Learn some business skills instead of what Madonna is up to. Value education insteadl of being glued to some dumb TV mini series with a brewski in your hand
Is that hard work? Yes, but the crafty Chinese you dislike are doing it.
Good luck my fellow Americans!
If you do not like what is happening then do not elect politicians who are bought and paid for ass kissers.
At least when we had the military draft, instead of a volunteer system, citizens were required to pay for the rights and privileges of citizenship, in blood if necessary.
Welcome to Disneyworld America. Have we become a theme park nation, where an admission ticket is all you need to enjoy the rides?
As soon as Obama is gone we might see some improvement.
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