Anbang Insurance Group, the politically connected Chinese investor, is denying reports that it is investing in a Manhattan real estate project owned by the family of Jared Kushner, President Trump's son-in-law and adviser.
If this deal moves forward, the building will be valued at $2.85 billion, the largest sum for a single tower in Manhattan. On a trip to New York City he did not stay at Anbang-owned Waldorf Astoria because of concerns that the Chinese government would spy on him. Kroll called some $1.1 billion in debt on the building a "loan of concern".
Anbang and its chairman Wu Xiaohui made global business headlines in 2014, when it bought the NY based historic Waldorf for US$1.95 billion.
The planned partnership is searching for additional investors through a federal program known as EB-5, which offers residency permits to major foreign investors.
Hope Hicks, a White House spokeswoman, said Monday that Kushner had sold his interest in 666 Fifth Avenue to a trust in which neither he, nor his wife, Ivanka Trump, nor their children are beneficiaries, at a price "based on third-party appraisals".
The transaction would allow the Kushner Cos.' investment in the tower to be salvaged by lenders and businesses that could have extensive dealings with the federal government, while also permitting the Kushners to buy back into the building's more lucrative retail spaces and maintain a 20 percent stake.
"The information about Anbang's investment in 666 Fifth Avenue is not correct", a spokesman for the Chinese insurer wrote in an email, without elaborating.
Kushner, who is husband to Trump's daughter Ivanka, has now surfaced as a de facto U.S. envoy under the current presidency. A White House spokesman told Bloomberg that Kushner will recuse himself from subjects such as the EB-5 visa program.
Wu also counts the son of a top army marshal as a business partner.
US President Donald Trump plans to host Chinese President Xi Jinping in Florida next month for a summit weighted with huge economic and security implications, a US media portal reported on Monday.