Kushner project touted by sister in China in trouble at home
Project has slew of problems, including the exit of an anchor tenant and loss of millions in tax breaks
Washington
WHEN Jared Kushner's sister took the stage in two Chinese ballrooms over the weekend to urge investors to fund a New Jersey development through a controversial visa programme, she mentioned her brother's role in the White House and displayed a photo of President Donald Trump. It was a not-so-subtle signal that hers is a family company with connections.
What she didn't mention was that the project has suffered a slew of problems: the exit of its anchor tenant, the loss of millions in tax breaks and a curdling political relationship with the mayor of its host city.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
European real estate deals slump to lowest level in 13 years
Singapore Q1 industrial rents rise further, as occupancy dips and prices fall: JTC
Condo resale volumes rebound in March; prices inch up 0.4%: SRX, 99.co
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Lucrum Capital looks to sell Killiney hotel site for S$195 million
US 30-year mortgage rate rises to five-month high of 7.24%