Anbang, Kushner firm call off Manhattan tower talks
NEW YORK: China’s Anbang Insurance Group Co and a company co-owned by the family of United States President Donald Trump’s son-in-law Jared Kushner have ended talks to redevelop a Manhattan office tower, a deal that had drawn scrutiny from lawmakers citing ethics concerns.
Anbang had discussed investing more than US$400 million (RM1.76 billion) as part of a US$4 billion transaction with Kushner Cos that may have included terms that some real estate experts considered unusually favourable for the Kushners, Bloomberg reported earlier this month.
The property has been losing money for three years and faces increasing loan fees this year, which may explain why the Kushner family was negotiating with Anbang on new financing.
Five lawmakers raised ethics concerns about the Chinese firm’s potential investment after the news emerged.
The lawmakers asked the White House in a March 24 letter to explain whether Kushner was involved in any negotiations about the possible partnership with Anbang and also asked for additional details on Kushner’s divestment from his family’s company.
“This deal, if executed, would appear to present a clear conflict of interest,” the lawmakers wrote to Stefan Passantino, White House deputy counsel. Anbang has “close ties to the Chinese state,” they added. Bloomberg