Kushners set to get $400 million from Anbang on Manhattan tower - Bbg

Mar 16, 2017, 00:31

Like many Chinese companies investing overseas, Anbang has close political connections to the ruling Communist Party.

Details of the agreement are being circulated to attract additional investors, Bloomberg reported on Monday.

Asked for comment, a White House spokeswoman said Kushner will recuse himself from any matter where his impartiality could be reasonably questioned, including an examination of the EB-5 program.

If signed, the deal would mark the financial marriage of two politically powerful families in the world's two biggest economies, but it also presents the possibility of glaring conflicts of interest.

"Kushner Companies has taken significant steps to avoid potential conflicts and will continue to do so", A company spokesperson, James Yolles, said adding that Jared Kushner had earlier distributed the ownership of the building, mentioned in the agreement, to the family members in order to avoid any conflict with his role in the White House. It provides the Kushner family with the impressive cash payout from Anbang Insurance Group, as well as forgiveness for a portion of a $250 million loan which will allow the debt to be cleared for one-fifth of its value. Unfortunately, for Kushner the global financial crisis followed soon after, almost sinking his business, forcing him to sell off much of his stake in the building to another developer.

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Anbang will be paying a high price for both sections of the project at 666 Fifth Avenue, but snatches a prime location and its first real estate investment in America for the year. The company's ties to the Chinese government are sufficiently unclear that former President Barack Obama declined to stay at the Waldorf after Anbang bought it because of fears of espionage.

Wu also counts the son of a top army marshal as a business partner. The concern, as explained by Larry Noble of the Campaign Legal Center, is that Anbang Insurance Group is trying to curry favor with Kushner and, by extension, President Trump.

The talks for this deal had started previous year when Jared Kushner had met Wu Xiaohui, the chairman of Anbang Insurance Group.

His influence seems to be growing and his input could have been on many issues affecting China be it national security concerns or territorial disputes.

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