Hudson Yards opens, and all of China celebrates
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MARCH 22, 2019 [FROM THE ARCHIVE]
Hudson Yards opens, and all of China celebrates
With the opening of phase one of the largest private real estate development in United States history, investors from Mainland China are celebrating the next step in realizing their immigration dreams from having partially financed the largest EB-5 capital raise in program history.
Featuring eight structures containing residences, hotel, office buildings, shopping mall and a cultural facility, Hudson Yards is a $25 billion USD behemoth. The New York City development includes retail stores such as Neiman Marcus, Cartier, Dior and Fendi, as well as restaurants from Michelin-starred chefs. Commercial occupants include financial giants such as BlackRock, KKR and Wells Fargo.
The project has since spawned multiple phases of EB-5 funding, which ballooned into encompassing $500,000 USD tranches from more than 2,000 investors, the overwhelming majority from Mainland China.
All phases of the Hudson Yards project were partially financed with EB-5 capital via New York-based regional center group Related Companies.
"A project of this magnitude ended up with the largest amount of foreign pooled EB-5 capital that has ever gone into any American immigration-based investment project," says Bobby Afshar, partner at RMG Group. "It is both a testament to the program that jobs clearly get created from EB-5, but also indicative of a financing scheme that is primarily helping developments where foreign capital is the least needed in America."
According to Afshar, New York accounts for nearly 25 percent of all fully funded EB-5 projects completed under the program, and scoops up nearly 50 percent of all capital invested on an annual basis.
Anchored by Wall Street, and routinely characterized as the world's premier financial center, the economy of New York City encompasses the largest municipal and regional economy in the U.S. Many of the world’s largest corporations are headquartered in Manhattan.
"Rural and economically distressed areas should be the primary benefactors of EB-5," says Afshar. "A successfully developed EB-5 project is always worth applauding. But RMG Group continues to champion U.S. investment projects that develop the aforementioned parts of the country."
Miami hotel begins EB-5 capital raise across southern China
A Marriott-branded hotel located in Miami is now seeking $25 million USD in EB-5 capital from 50 investors across southern China, according to the latest project listings report from Guangzhou-based immigration agency Enjoy Life.
Scheduled to be completed by June 2023, the Moxy South Beach will be a new 202-room hotel along Washington Avenue, which will also include new bars and restaurants.
The agency said the project is expected to create 1,817 total jobs, which equates to 36.3 jobs created for each EB-5 investor in the project, well above the minimum requirement from United States Citizenship and Immigration Services (USCIS).
The project will cost a total of $123 million USD, with the EB-5 portion coming from New York-based regional center Lightstone Group.
Manchester U.K. apts hit Shanghai marketplace
Apartment units in a twin-towered, as yet to-be-completed 380-room complex located in greater Manchester, United Kingdom, are now being sold to potential investors in Shanghai, according to the latest property listings report from Shanghai-based immigration agency Huan Zhong Overseas. When completed, the Local Blackfrairs development will feature one-, two- and three-bedroom apartment units spaced out in a 12-story tower, and a slightly taller 16-story tower. The agency said unit prices start at about $350,000 USD.
Investors receive green cards for L.A. hotel
Investors from Mainland China that invested in a luxury hotel project located in Los Angeles are starting to receive permanent residency cards from United States Citizenship and Immigration Services (USCIS), the final step in the immigration process, according to the latest investor report from Shanghai-based immigration agency Visas Group. Opened to the public in January 2017, the 10-story, 179-room Hollywood Dream Hotel also includes an 11,000-sq/ft rooftop with a pool, and two onsite restaurants. The project was partially financed with EB-5 capital via Los Angeles-based Hollywood International Regional Center.
Caribbean luxury villas offer investment for North Chinese
A Four Seasons-branded luxury set of villas located in St. Kitts and Nevis are now available for purchase to potential investors from northern China as part of the tiny Caribbean island’s immigration-based investment scheme, according to the latest investor report from Dalian-based immigration agency Xin Quan Immigration. Located by Pinney’s Beach on Nevis, the three- and four-bedroom Four Seasons Resort Estates each come fully furnished with a private pool and landscaped gardens. To qualify for citizenship under the St. Kitts and Nevis real estate option, foreign nationals must invest a minimum $400,000 USD into a government-approved project. The real estate can be sold after five years, and as of 2012, the next buyer of the property can also qualify for citizenship.
China investors pass Moldova requirements
The first batch of investors from southern China recently received approval on their applications to the Moldova immigration investment scheme, according to the latest investor report from Guangzhou-based immigration agency Lian Hong Immigration. Under the Moldova program, a potential investor needs to make a minimum 100,000 Euro investment into the country's public investment fund, with the price increasing to 115,000 Euro for a couple, 145,000 Euro for a family of four, and 155,000 Euro for a family of five or more.