Republican presidential frontrunner Donald Trump has been very vocal about his dislike for immigrants. However, a new report says that a 50-floor luxury rental building of Trump being built in Jersey City is partly funded by rich Chinese seeking U.S. visas.
The cost of the project is $194 million. About $50 million come from the EB-5 visa program. According to the May 2015 report of the Center for Real Estate Finance Research at the Stern School of Business of the New York University, the EB-5 is seen as a capital source that would provide extraordinary flexibility and attractive terms, especially to fund commercial real estate ventures, reported The Guardian.
Bloomberg reported that the project is 25 percent funded by loans that come from the EB-5 visa program. The program allows foreigners a two-year U.S. visa for an investment of at least $500,000 in projects that generate a minimum of 10 jobs.
The Trump Bay Street building is being constructed by Kushner Companies, led by Jared Kushner who is Trump’s son-in-law. Fortune pointed out that the tower brings out questions about Trump’s business connections to China which the politician and billionaire often hits in his campaign. For instance, he criticized Beijing’s devaluation of the yuan for hurting American businesses.
Trump is also in favor of using lesser skilled-worker visas to Chinese applicants because they take jobs from Americans, displaced American investment and driven local ingenuity abroad. Such motherhood statements appeal to Trump’s followers which explain why he is leading the GOP contenders.
Trump’s political rivals chide him for purchasing clothes made in China and Mexico, whose immigrants are on the end of the GOP politician’s ire. However, in his defense, Trumps said he buys goods overseas because the U.S. does not manufacture anything anymore.