October 27, 2010
Why would EB-5 investors in Atlantic Yards earn no interest? Because it's such "a safe, secure position"
Atlantic Yards Report
From The National (published in the United Arab Emirates), an article headlined Green Card scheme a slam dunk in China covers one of the investment seminars put on by the New York City Regional Center (NYCRC) for its Atlantic Yards EB-5 investment project:
So keen are some Chinese to gain entry to America that they value the assurance of a Green Card over any financial return.
Most EB-5 schemes pay interest of between 2.5 and 2.75 per cent. But not this one, according to Gregg Hayden, the general manager of NYRC.
"The investor on this particular project, to simplify the process, is not getting paid any interest," says Mr Hayden. "We have put them in such a safe, secure position that they're not earning any interest. If you look at the spectrum of EB-5 projects, interest rates are paid according to risk."
To simplify the process? How about to maximize return to the New York City Regional Center and Forest City Ratner?
As for the security of the the position, well, that's a matter for continued debate.
Buying green cards
The report in The National shows a NYCRC rep pretty much contradicting what his boss said six weeks ago.
Posted by eric at October 27, 2010 4:04 PM