Business Headlines

Kushner Family Backs Out of Planned China Event for Investors

published May 11th 2017, 5:29 pm, by Sarah Mulholland and Caleb Melby

(Bloomberg) —The company belonging to Jared Kushner’s family is pulling out of a presentation to investors in China following criticism that his sister invoked his work for his father-in-law, President Donald Trump, in a similar pitch last weekend.

James Yolles, a Kushner Cos. spokesman, said Thursday that no employee will appear at the presentation in Shenzhen on Saturday. He declined to say whether a third party would promote the project on its behalf.

Kushner’s sister, Nicole Meyer, sought as much as $150 million in Beijing and Shanghai last weekend for a proposed real-estate development in Jersey City, New Jersey, telling prospective investors that buying in could help them win residency visas. During the presentation, she mentioned her brother’s White House role and, at one point, showed a photograph of the president.

Kushner Cos. apologized, saying the mention wasn’t intended to lure investors, merely to note that her brother had moved into government. Jared Kushner has divested ownership in many projects to close relatives, and has vowed to avoid discussions on renewing the visa program his sister touted.

That program is known as EB-5 and allows foreigners to obtain visas by investing at least $500,000 in a project promising to create jobs. The day before the presentation, Trump, who ran on a promise to curb immigration, extended the program when he signed a budget bill.

Senator Chuck Grassley, an Iowa Republican, criticized Meyer in a Thursday letter to the Department of Homeland Security. Grassley this year introduced bipartisan legislation to end the EB-5 program.

One Journal Square, the project for which Kushner Cos. is seeking investment, has faced political opposition in its host city, where it wants public financing. WeWork, a co-working office start-up, was originally going to be a tenant. It later decided against the arrangement and is also expected to sell its stake in the project.

The Author

Walt Alexander

Walt Alexander

Walt Alexander is the editor-in-chief of Men of Value. Learn more about his vision for the online magazine for American men with the American values—faith, family & freedom—in his Welcome from the Editor.

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