Building partly funded by visa plan that some consider controversial.
The vast business dealings of Donald Trump, the Republican presidential frontrunner, are often purported by the candidate as proof he has the necessary skill set to lead the nation. But they can also lead to some controversy.
The latest potential headache for the New York businessman involves a 50-story luxury rental building being built in Jersey City, N.J., by Kushner Companies. Called Trump Bay Street, Bloomberg has reported the project has raised $50 million, with about 25% of the funding coming from loans through a visa program known as EB-5. That program is controversial as it gives foreigners a two-year visa in exchange for investing at least $500,000 in a project that is promised to create jobs.
As Bloomberg notes, many times the individuals awarded those visas have a good chance of obtaining permanent residency for themselves and their families. Also notable: Kushner Companies is led by Trump’s son-in-law, Jared Kushner.
Fortune has reached out to the Trump campaign and will update this post with their statement.
Why is this potentially controversial to Trump? It will again raise questions about Trump’s business ties to investors and markets abroad – in particular the ties to China, a nation Trump often slams on the campaign trail. Trump has lamented China’s devaluing currency has hurt American businesses.
This isn’t the first time Trump’s business dealings have come into question during this campaign. Rivals have pointed out that Trump’s clothing is manufactured in China and Mexico, for example, which seemingly goes against his pro-American rally call. Trump, however, has said he has had to order goods abroad because America doesn’t “make anything anymore.”