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August 11, 2011

Times article on Chinese investment in New York whiffs on Forest City Ratner's EB-5 venture

Atlantic Yards Report

A front-page article in today's New York Times, headlined As Investors, Chinese Turn to New York, stunningly maintains the newspaper's see-no-evil posture toward Forest City Ratner's questionable recruitment of investors seeking green cards.
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The Chinese putting money into Atlantic Yards--'scuse me, the "Brooklyn Arena and Infrastructure Project"--aren't making real investments. They're buying green cards for themselves and their families, allowing their children to be educated in America.
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They're supposed to create jobs. No jobs would be created.

Would the Chinese money support residential and office towers? Forest City's partner in China told the investors they were putting money into a basketball arena. That's why Forest City sent Darryl (Chocolate Thunder) Dawkins to China.

More recently, Forest City executives have said the money would be used to refinance a land loan, as well as pay for infrastructure. Or that they haven't decided.

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Posted by eric at August 11, 2011 9:32 AM