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Published: Sat, May 13, 2017
Economy | By Melissa Porter

Kushner Family Cancels China Investor Presentation Amid Controversy

Kushner Family Cancels China Investor Presentation Amid Controversy

Nicole Kushner Meyer, who has been in China courting investors interested in the family firm's stateside real estate development, had drawn significant criticism for mentioning her family's White House connections in a pitch last weekend.

Showing photographs of both Jared Kushner and President Donald Trump she told the Chinese businessmen, "In 2008, my brother Jared Kushner joined the family company as CEO, and recently moved to Washington to join the administration", and that the project, "means a lot to me and my entire family".

NEW YORK (CNNMoney) - Jared Kushner's sister won't be there this weekend when the family business goes looking for Chinese investors again.

"No one from Kushner Companies will be in China this weekend", James Yolles, spokesman for the firm, said.

According to marketing materials from one of the organizers of the roadshow, sales events for the project are scheduled in the southern cities of Shenzhen on Saturday and Guangzhou on Sunday.

Meyer was in China to raise US$150 million from mainland investors for a two-tower apartment complex in New Jersey called One Journal Square. Kushner's sister headlined events in Beijing and Shanghai last weekend to seek more than US$150 million (RM651.7 million) in investment in a USA luxury apartment complex.

The White House and Jared Kushner did not immediately respond to requests for comment.

The family real estate company, Kushner Cos., later apologized.

Meyer later apologized for mentioning her brother's name, while emphasizing that he has nothing to do with the project. A key prospective tenant, WeWork, told The Post on Wednesday that it had suspended plans to lease space in the building, as first reported by Bloomberg.

Sen. Charles Grassley, R-Iowa, a longtime critic of the EB-5 program, said Thursday that Kushner's sister may have left investors with the false impression that they would get special treatment because of her brother's position in the White House.

The EB-5 program was begun in 1990 and has recently been the subject of numerous scandals and frauds, some seeing it as little more than way for rich foreigners to buy USA permanent legal residence and a path to citizenship.

The Kushner Cos. has used the program to finance other projects, including another building in Jersey City.

Almost 90 per cent of EB-5 visas were issued to Chinese nationals in 2014, when the programme reached its quota of 10,000 visas. An attorney for Jared Kushner said he had sold his stake to a trust benefiting other members of the Kushner family, and would recuse himself from related policy matters while serving as an adviser to Mr. Trump.

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