The Sacramento Kings, a franchise in the United States National Basketball Association's professional league, is trying to attract Chinese investors for its Golden 1 Center mixed development plan, according to a report by China Daily.
The project aims to construct a new basketball arena, luxury retail, hospitality and residential structure. It will begin operations in Oct. 2016.
"This is the first time that an area combined with surrounding mixed-use development has been offered as a prime EB-5 investment opportunity," said Ginny Fang, the CEO of Golden Gate Global.
The EB-5 program grants a foreign citizen a U.S. visa for making an investment worth at least $1 million that creates more than 10 permanent jobs for U.S. citizens. The program is under the U.S. Citizenship and Immigration Service.
The arena project is a joint project by the Sacramento Kings and JMA Ventures, said Todd Chapman, president and CEO of JMA.
Fang said that the project has strong financial metrics and allows investors to contribute to the development of the city of Sacramento.
Up to 15 percent of the total project is allowed for investments under the EB-5 plan.
The U.S. government contributes more than $200 million in finances, so Chinese investors can be assured of the stability and security of the project, Fang said.
Chapman said that the mayor of Sacramento is a former NBA player, which indicates the city's commitment to the investment project.
While the EB-5 program is open to the world, residents from China account for more than 80 percent of visas issued, compared with 13 percent around 10 years ago.
"The [potential for] job creation in this project is tremendous and will assist EB-5 investors to achieve their goals of granting access to educational and career opportunities for their families," Chapman said.