President Donald Trump (Credit: Getty Images and Mango Map) The Trump administration released new rules governing the EB-5 cash-for-visas program. And many in the real estate industry believe the changes will tighten the spigot on a source of cheap capital that’s partly fueled the post-recession development boom. The Department of Homeland Security on Tuesday released […]
EB-5 investor claims his money was redirected from Hilton to housing project
Long Beach Garden Home Project and EB-5 Attorney named in suit Daqin Zhang (Credit: CIRC) The popularity of EB-5 “cash-for-visa” program may have long since diminished, but lawsuits relating to the federal initiative just keep on coming. In the most recent allegation of fraud, one Chinese investor is claiming his $500,000 investment for a Hilton […]
With Chinese investment drying up, EB-5 debt isn’t nearly as cheap
EB-5 debt isn’t as cheap as it used to be EB-5’s go-go days are a thing of the past, and now developers are searching for —but rarely finding — cheap debt through the federal visa program. Chinese investors who had accepted near-zero returns in order to secure a green card through EB-5 have pulled back, […]
Miami developer pleads guilty to EB-5 fraud, money laundering at failed Palm Beach hotel
Bob and Mia Matthews (Credit: PRWeb) Robert Matthews, the developer of the Palm House Hotel, pleaded guilty on Thursday in federal court to money laundering and tax evasion charges for defrauding foreign EB-5 investors in the Palm Beach condo-hotel project. Matthew’s wife Maria “Mia” Matthews also pleaded guilty Thursday to tax evasion in federal court […]
EB-5’s WeChat wars
EB-5 projects 702 Seventh Avenue and The Wheel (Credit: iStock) Not long after developers pulled the plug on the $900 million New York Wheel – the biggest EB5-backed project ever to go belly-up – a group on the popular Chinese messaging app WeChat lit up over the possible ramifications for investors. When the planned 630-foot-tall […]
In legal back and forth, Mastroianni hit with new suit over EB-5 investments at Times Square project
From left: Zoe Ma, a rendering of 701 Seventh Avenue and Nick Mastroianni (Credit: PBDW Architects, and Nicholas Mastroianni) An EB-5 activist known for organizing Chinese investors filed a racketeering lawsuit against Nicholas Mastroianni and his regional center, U.S. Immigration Fund — the latest legal battle between the two parties. The complaint repeats allegations that […]