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August 10, 2011
As Investors, Chinese Turn to New York
The New York Times
by Kirk Semple
Leave it to The Times to completely gloss over the controversial nature of its development partner's EB-5 investment program.
Chinese banks have poured more than $1 billion into real estate loans in New York City in the past year. Investors from China are snapping up luxury apartments and planning to spend hundreds of millions of dollars on commercial and residential projects like Atlantic Yards in Brooklyn. Chinese companies have signed major leases at the Empire State Building and at 1 World Trade Center, which is the centerpiece of the rebuilding at ground zero.
...Chinese money is also poised to flow into the city through a federal program that offers the possibility of permanent residency to foreigners who invest at least $500,000 in certain development projects.
Under this program, known as EB-5, Forest City Ratner Companies has arranged for $249 million in loans from Chinese investors for residential and office towers at Atlantic Yards, the commercial and residential project in Brooklyn that includes a new stadium for the New Jersey Nets.
NoLandGrab: That's it, the full extent of The Times's coverage of EB-5 investments in Atlantic Yards.
Posted by eric at August 10, 2011 10:00 PM