The investor only gets about a 1 percent return on their $500,000 investment. The developer uses the 500K investment to borrow more money to build apartments hotel with bars, restaurants, etc, in theory generating 10 new jobs for each 500K investment.
Is this a great country, or what? Draining the swamp. You gotta love it. And we are played for chumps. And some of us think it is just dandy.
From the New York Times
WASHINGTON — It was the first major piece of legislation that President Trump signed into law, and buried on Page 734 was one sentence that brought a potential benefit to the president’s extended family: renewal of a program offering permanent residence in the United States to affluent foreigners investing money in real estate projects here.
Just hours after the appropriations measure was signed on Friday, the company run until January by Mr. Trump’s son-in-law and top adviser, Jared Kushner, was urging wealthy Chinese in Beijing to consider investing $500,000 each in a pair of Jersey City luxury apartment towers the family-owned Kushner Companies plans to build. Mr. Kushner was even cited at a marketing presentation by his sister Nicole Meyer, who was on her way to China even before the bill was signed. The project “means a lot to me and my entire family,” she told the prospective investors.
Click to read the full article: https://www.nytimes.com/2017/05/08/us/politics/kushner-china-visa-eb-5.html
https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/troymcmullen/2017/05/08/amid-criticism-the-kushner-family-pushes-a-new-jersey-luxury-development/&refURL=https://www.google.com/&referrer=https://www.google.com/
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