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Kushners drop much-criticized effort to raise Chinese cash
Source: Associated Press
Kushners drop much-criticized effort to raise Chinese cash
By BERNARD CONDON
Yesterday
NEW YORK (AP) — The family real estate company once run by Jared Kushner is no longer seeking $150 million from Chinese investors for a New Jersey building project after months of criticism that the company was playing up its White House ties to raise the money.
A person familiar with the fundraising effort said this week that the company has stopped trying to raise money from wealthy Chinese to help pay for One Journal Square, a planned 66-story residential, retail and office complex in Jersey City, New Jersey, just across the Hudson River from lower Manhattan. The person was not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity.
Ethics experts blasted the Kushner Cos. last May after Jared Kushner’s sister, Nicole Kushner Meyer, mentioned her brother at a presentation to prospective investors in Shanghai. The presentation included a photo of Donald Trump, and Chinese ads included vague promises that the project had “government support” and was “founded by celebrity developers.” The company, which canceled other appearances in the country, denied it was seeking to benefit from its White House ties.
Jared Kushner, Trump’s son-in-law, resigned as CEO of Kushner Cos. last year to become a senior adviser to the president.
The Jersey City project is just one of several by the Kushner family company, but it has been thrown in the spotlight as a test of whether the people close to Trump are profiting from his presidency.
-snip-
By BERNARD CONDON
Yesterday
NEW YORK (AP) — The family real estate company once run by Jared Kushner is no longer seeking $150 million from Chinese investors for a New Jersey building project after months of criticism that the company was playing up its White House ties to raise the money.
A person familiar with the fundraising effort said this week that the company has stopped trying to raise money from wealthy Chinese to help pay for One Journal Square, a planned 66-story residential, retail and office complex in Jersey City, New Jersey, just across the Hudson River from lower Manhattan. The person was not authorized to discuss the matter publicly and spoke to The Associated Press on condition of anonymity.
Ethics experts blasted the Kushner Cos. last May after Jared Kushner’s sister, Nicole Kushner Meyer, mentioned her brother at a presentation to prospective investors in Shanghai. The presentation included a photo of Donald Trump, and Chinese ads included vague promises that the project had “government support” and was “founded by celebrity developers.” The company, which canceled other appearances in the country, denied it was seeking to benefit from its White House ties.
Jared Kushner, Trump’s son-in-law, resigned as CEO of Kushner Cos. last year to become a senior adviser to the president.
The Jersey City project is just one of several by the Kushner family company, but it has been thrown in the spotlight as a test of whether the people close to Trump are profiting from his presidency.
-snip-
Read more: https://apnews.com/f561fdbb31dc4bdc911c9274538cd913/Kushners-drop-much-criticized-effort-to-raise-Chinese-cash
