Chinese firm invests S$565 million in building owned by Jared Kushner's family

Chinese firm invests S$565 million in building owned by Jared Kushner's family
Jared Kushner (Left) with his wife Ivanka Trump.
PHOTO: Reuters

A deal with Chinese company Anbang Insurance Group has brought in $400 million(S$565 million) dollars for the family of President Donald Trump's son-in-law Jared Kushner, according to a report by Bloomberg.

The $4 billion deal for a New York City office building located at 666 Fifth Ave. includes the large cash payout to the Kushner's real estate company Kushner Companies.

Some real estate experts consider the terms of the deal's agreement unusually favourable for the Kushners, according to the Bloomberg report. The Manhattan tower has struggled financially and the family's company retains an equity stake in the partnership. A mortgage owed by the Kushners will also be reduced to a fifth of the current amount, according to documents obtained by Bloomberg.

Read also: Ivanka Trump's Chinese-speaking daughter gets star status at festive Chinese embassy

The deal itself could bring on federal review. When Anbang bought buildings, such as the Waldorf Astoria Hotel, the deal was brought under US federal review. The Chinese government could also review the transaction because of its new efforts to regulate overseas investments and its relationship with the Trump administration.

Kushner Companies declined to share more details of the deal or any other potential investors because the deal is not finalized, according to Bloomberg. Kushner also sold his ownership stake in 666 Fifth to avoid any conflicts of interest, according to a company spokesman.

As noted in the report, a White House spokeswoman said Kushner plans to "recuse himself where impartiality could be reasonably questioned."

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