January 24, 2018 / 10:59 PM / in a month

Kushners drop effort to raise Chinese cash for New Jersey project: AP

(Reuters) - The real estate company of Jared Kushner, U.S. President Donald Trump’s senior adviser and son-in-law, will no longer seek $150 million from wealthy Chinese investors for a New Jersey building project, the Associated Press reported on Wednesday.

Kushner Cos has stopped trying to raise money from Chinese investors to pay for the two-tower luxury apartment complex after criticism that it was trying to benefit from its White House ties, the AP said, citing a source. bit.ly/2n86G0E

The company and its partner KABR Group were trying to raise money under the EB-5 visa program that grants visas to wealthy foreigners investing in the United States, according to the AP. Most EB-5 holders are wealthy Chinese individuals.

“Kushner Companies considers all reasonable and appropriate financing options on a project by project basis,” spokeswoman Chris Taylor told Reuters via email, without elaborating.

KABR did not immediately respond to a request for comment.

The Kushners’ use of EB-5 visas to raise cash to finance developments gained attention in May last year, when Jared Kushner’s sister, Nicole Kushner, spoke at an event in Shanghai to attract Chinese investment into the building complex. The company later apologized for mentioning Jared Kushner’s name while wooing investors.

Kushner Cos is being investigated by the U.S. Securities and Exchange Commission for its use of the EB-5 program, the Wall Street Journal reported earlier this month.

Jared Kushner resigned from his role leading Kushner Cos when he joined the White House early last year but still owns a stake in parts of the business, according to the Journal.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sai Sachin Ravikumar

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