A $250,000 Tour With One Aim: Get Chinese to Buy a Home - Bloomberg Business: "EB-5 Visas
Many countries, including the U.S., offer preferential visa treatment in exchange for investment pledges. Last year, Chinese nationals snapped up 85 percent of the U.S. EB-5 visas offered to foreigners who plow at least $500,000 into U.S. development projects. It was the first time that the annual allocation was completely taken up before the end of the year.
In New York, a Chinese insurance company agreed last year to buy Manhattan’s historic Waldorf-Astoria Hotel, saying it planned to add “Chinese elements” such as a Chinese restaurant. Shanghai-based Greenland Holding Group Co. bought 70 percent of Brooklyn’s Atlantic Yards, the 22-acre residential and commercial project, and says it aims to extend the China market abroad.
In the fast-gentrifying Brooklyn neighborhood of Williamsburg, China’s XIN Development, a unit of Xinyuan Real Estate Co., built a seven-story development called Oosten, whose Dutch name, meaning “east,” is a nod to New York’s heritage. Of the 216-unit building’s 75 homes that have been put on the market, a third went to Chinese buyers, according to John Liang, Xinyuan’s New York-based executive vice president."
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Many countries, including the U.S., offer preferential visa treatment in exchange for investment pledges. Last year, Chinese nationals snapped up 85 percent of the U.S. EB-5 visas offered to foreigners who plow at least $500,000 into U.S. development projects. It was the first time that the annual allocation was completely taken up before the end of the year.
In New York, a Chinese insurance company agreed last year to buy Manhattan’s historic Waldorf-Astoria Hotel, saying it planned to add “Chinese elements” such as a Chinese restaurant. Shanghai-based Greenland Holding Group Co. bought 70 percent of Brooklyn’s Atlantic Yards, the 22-acre residential and commercial project, and says it aims to extend the China market abroad.
In the fast-gentrifying Brooklyn neighborhood of Williamsburg, China’s XIN Development, a unit of Xinyuan Real Estate Co., built a seven-story development called Oosten, whose Dutch name, meaning “east,” is a nod to New York’s heritage. Of the 216-unit building’s 75 homes that have been put on the market, a third went to Chinese buyers, according to John Liang, Xinyuan’s New York-based executive vice president."
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