Relevant:
- SEC Now Investigating Kushner's Use of "Cash for Visas" Program (EB-5)
- Related to Start 51-Story Hudson Yards Tower for Coach by June
- How Covid-19 Left Manhattan's $25 Billion Hudson Yards Eerily Deserted
- Rich Chinese Race to Apply for a U.S. "Golden Visa"
- Hudson Yards Opens in NYC; Revamping Midtown West (MONSTROSITY OR MARVEL?)
2020-06-11 — therealdeal.com
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Referred to as the "crack cocaine of real estate finance," the EB-5 program has poured billions of dollars into big developments. But in recent years, it has come under scrutiny for fraud, and some Chinese investors -- the program's biggest participants -- have tried to get their investments back thanks to up to 15-year wait times for visas. Now, investors are vulnerable to fallout from the economic downturn.
"We deal with about 80 different projects right now and we are seeing, across the board -- people suffering, projects suffering," said New York--based lawyer Mona Shah, who specializes in EB-5 but is not involved with the Hudson Yards investors. "Anything real-estate related is having a problem."
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