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Investment from China in Kushner Manhattan property is off

NEW YORK (AP) – Talks with a Chinese company seeking a stake in a Fifth Avenue skyscraper owned by the family of Jared Kushner are over.

Negotiations with Anbang Insurance to help fund redevelopment of the Kushner Cos.’ struggling office tower on Manhattan’s Fifth Ave. had drawn criticism from lawmakers and government ethics experts. They saw it as a potential attempt by China to curry favor with the White House.

Jared Kushner is President Donald Trump’s son-in-law and a senior adviser. He has sold stakes in several companies, including 666 Fifth Ave., to help allay concerns about conflicts of interest.

Kushner Cos. bought the property in 2007 for a reported $ 1.8 billion when Jared Kushner was running the company. The company struggled during the financial crisis under debt taken on for the purchase.

Copyright © 2017 The Washington Times, LLC.

Source: www.washingtontimes.com stories: Politics

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