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Jared Kushner's China Deal Nets Trump's Son-In-Law $400 Million

Jared Kushner's China Deal Nets Trump's Son-In-Law $400 Million”

The Chinese company, Anbang Insurance Group, would pay to get a high-profile piece of Manhattan real estate and would commit to spending billions more to completely transform the 60-year-old tower into a chic condominium and retail citadel.

In 2014, the insurer bought New York's landmark Waldorf Astoria hotel from Hilton Worldwide Holdings Inc (HLT.N) for $1.95 billion.

Kushner Companies purchased the building back in 2007 for $1.8 billion-a record purchase for an office building at the time.

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If this deal moves forward, the building will be valued at $2.85 billion, the largest sum for a single tower in Manhattan.

"The information about Anbang's investment in 666 Fifth Avenue is not correct, there is no investment from Anbang for this deal", a spokesperson with the firm said in a statement on Wednesday. At that time, Vornado purchased a almost 50 percent stake in the office section of the building, and bought out the retail component the following year. It would make business partners of Kushner Cos. and Anbang, whose murky links to the Chinese power structure have raised national security concerns over its US investments.

The talks for this deal had started a year ago when Jared Kushner had met Wu Xiaohui, the chairman of Anbang Insurance Group.

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While news of the planned deal is being circulated in order to attract additional equity partners, the details have not been disclosed.

Kushner, who is husband to Trump's daughter Ivanka, has now surfaced as a de facto United States envoy under the current presidency.

If signed, the deal would mark the financial marriage of two politically powerful families in the world's two biggest economies, but it also presents the possibility of glaring conflicts of interest.

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Meanwhile, Kushner Companies has said that they are in "active discussion" around the property, but "nothing has been finalized". A White House spokesman told Bloomberg that Kushner will recuse himself from subjects such as the EB-5 visa program. A Kushner company spokesman, James Yolles, said that Jared sold his ownership stake in 666 Fifth Ave to family members so that the transaction poses no conflict of interest with his roles in the White House.



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