Trump tower revealed to be funded by Chinese through controversial visa program
The former host of "The Apprentice" makes criticizing China a routine part of his campaign speech, but it appears Trump might not be so hostile to them behind closed doors. A Trump-branded luxury rental apartment building, Trump Bay Street, is currently being built in New Jersey, and is partly funded by Chinese investors. Bloomberg notes that the investors were attracted to the building via a "Soprano" style video, writing, "The video leads viewers behind the wheel of a car into Jersey City with scenes of the tower, all to the tune of the theme song from The Sopranos, 'Woke Up This Morning.'" In addition, around $50 million was raised for the projected through a controversial visa program.
The visa program, known as the EB-5, is designed for mostly Chinese nationals to be granted a temporary two-year visa with a chance to obtain residency if the applicant can invest at minimum of $500,000 in a project that helps create jobs in the United States. A spokesman for Trump defended the deal, stating it was "highly successful," while explaining that Trump himself was "not a partner in the financing of the development."
Controversy surrounding the deal and the visa program was confirmed through the Government Accountability Office. The GAO is the investigative branch of Congress who concluded that the EB-5 via program "contained a high risk of fraud," with officials from the State Department admitting that there is "no reliable method to verify the source of the funds of petitioners."
The former host of "The Apprentice" makes criticizing China a routine part of his campaign speech, but it appears Trump might not be so hostile to them behind closed doors. A Trump-branded luxury rental apartment building, Trump Bay Street, is currently being built in New Jersey, and is partly funded by Chinese investors. Bloomberg notes that the investors were attracted to the building via a "Soprano" style video, writing, "The video leads viewers behind the wheel of a car into Jersey City with scenes of the tower, all to the tune of the theme song from The Sopranos, 'Woke Up This Morning.'" In addition, around $50 million was raised for the projected through a controversial visa program.
The visa program, known as the EB-5, is designed for mostly Chinese nationals to be granted a temporary two-year visa with a chance to obtain residency if the applicant can invest at minimum of $500,000 in a project that helps create jobs in the United States. A spokesman for Trump defended the deal, stating it was "highly successful," while explaining that Trump himself was "not a partner in the financing of the development."
Controversy surrounding the deal and the visa program was confirmed through the Government Accountability Office. The GAO is the investigative branch of Congress who concluded that the EB-5 via program "contained a high risk of fraud," with officials from the State Department admitting that there is "no reliable method to verify the source of the funds of petitioners."
