The company owned by the family of President Donald Trump's son-in-law is reportedly negotiating to sell a $400 million stake in a New York City skyscraper to a Chinese insurer with ties to that country's ruling party.
The deal would value the 41-story aluminum-clad office tower at $2.8 billion, a high value for a building that has never been considered a NY trophy. The firm will continue to maintain a 20 percent stake in the building, while Vornado will walk away from the deal with "a 10-fold payout on its stake in the building's offices and a doubling of its investment in its stores", according to Bloomberg. The planned $4 billion transaction, details of which were shared with Bloomberg, includes terms that some real estate experts consider unusually favorable for the Kushners.
Anbang, a Chinese conglomerate with nearly $300 billion in assets, is owned by 39 companies, many of them shell companies that, when traced, lead to empty offices or government registration bureaus, according to Chinese government records. The new partnership will refinance $1.15 billion in existing mortgage debt.
Anbang rose to prominence with acquisitions including that of the Waldorf Astoria Hotel in NY.
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Anbang will be paying a high price for both sections of the project at 666 Fifth Avenue, but snatches a prime location and its first real estate investment in America for the year.
Wu also counts the son of a top army marshal as a business partner.
A spokesman for Kushner Cos. declined to comment on Anbang's statement. Kushner himself has sold his own ownership stake in the tower to family members, in a weak effort to divest himself from potential conflicts of interest, which appears to run in the family. "Anbang is a highly transparent company that operates in accordance to the standards of public companies and strictly abides by applicable regulatory requirements", he said. "The Anbang talks, which have not previously been reported, began roughly six months ago - "Well before the president-elect's victory", Jared Kushner's spokeswoman, Risa Heller, had said, the New York Times had reported in January".
His influence seems to be growing and his input could have been on many issues affecting China be it national security concerns or territorial disputes. There are discussions under way between China and the US on a potential summit between Trump and Chinese President Xi Jinping to take place as early as next month.