Family of Trump son-in-law in major deal with Chinese company

2017-03-14 12:05
(iStock)

(iStock)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Washington - A company owned by the family of President Donald Trump's son-in-law, Jared Kushner, is set to receive more than $400 million from a Chinese firm that is investing in its Manhattan office tower, Bloomberg reported Monday.

The Kushner Companies deal with Anbang Insurance Group for the property at 666 Fifth Avenue is worth $4bn, with real estate experts calling it an unusually favourable deal for the Kushners, the report said.

It would value the 41-storey tower at $2.85bn, the most ever for a single building in wealthy Manhattan.

Anbang has "murky links to the Chinese power structure" and its previous investments in the United States have raised concerns over national security, Bloomberg said.

The investment deal gives Kushner Companies a cash payout, an equity stake in a new partnership and refinancing of $1.14bn in existing mortgage debt, said Bloomberg, which obtained details of the agreement which is being circulated to attract other investors.

A large chunk of a $250m will be forgiven, allowing it to be cleared for $50m, the report said.

Kushner Companies spokesperson James Yolles was reported as saying that Jared Kushner has sold his stake in 666 Fifth Avenue so there is no conflict of interest.

Kushner, the husband of Trump's daughter Ivanka, stepped away from his business interests in property development and magazine publishing to take on a role as Trump's senior adviser.

Read more on:    donald trump  |  jared kushner  |  us

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.