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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsFirm behind $1.2 billion bailout of the Kushners is heavily invested in China
Firm behind $1.2 billion bailout of the Kushners is heavily invested in China
In April, the firm cited "unforeseen political events" in Asia as a key risk to its business prospects.
Danielle McLean
May 18, 2018, 3:27 pm
The Canadian investment firm bailing out a financially troubled New York City tower owned by White House Senior Adviser Jared Kushners family is also heavily invested in the Chinese market, amid high-stakes trade negotiations between the Trump administration and China.
Brookfield Asset Management which invests in oil pipeline, off-shore drilling, renewable energy, and real estate operations around the globe is close to finalizing a deal that would rescue the financially troubled 666 Fifth Ave. tower in Manhattan a 41-story office building purchased by Kushner in 2007, according to the Washington Post. Kushner Companies has a deadline of early next year to repay a $1.2 billion debt.
Brookfields extensive investments with China raise questions about the true motivation of the companys bailout of the Kushners office tower.
Brookfield, which will reportedly purchase about a 50 percent stake in the building, has also invested millions in development projects around China and plans to operate solar projects on millions of acres of logistic and commercial rooftops in the country. The firm is expected to develop around 300 megawatts of rooftop solar projects over the next three years in China, part of a joint venture between Brookfield and GLP, a company co-founded by Chinese entrepreneur Ming Zhi Mei.
The solar project was announced on March 21, the day before Trump announced he would impose tariffs on $60 billion worth of Chinese imports and limit the countrys ability to invest in the American technology industry, according to the Washington Post. Trump has blamed China for the loss of 60,000 U.S. factories, millions of jobs, and Americas trade deficit with China.
The announcement prompted China to place tariffs on U.S. goods including crops and aircrafts. The two sides have since been involved in high-stakes trade negotiations in an effort to deescalate heightening threats of a trade war that would impact both economies.
Kushner Companies, Brookfield, and White House representatives did not immediately respond for comment.
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https://thinkprogress.org/firm-beind-1-2-billion-bailout-of-the-kushners-is-heavily-invested-in-china-9349d8e0a69a/
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Firm behind $1.2 billion bailout of the Kushners is heavily invested in China (Original Post)
babylonsister
May 2018
OP
riversedge
(69,730 posts)1. k for visibility