China's Anbang Insurance Group [ANBANG.UL] said it is not investing in a flagship Manhattan office tower owned by the family of Jared Kushner, U.S. President Donald Trump's son-in-law and senior adviser.
The details of the agreement, which is being circulated to attract additional investors, were shared with Bloomberg.
The property was Kushner's first major foray into high-profile real estate, purchased by Kushner Companies in 2006 for $1.8 billion, the highest sales price for a single building in Manhattan at the time.
The agreement will also let Kushner Cos. get other deals with the federal government. The transaction, if it goes as planned, will make the Kushners partner with Anbang Insurance Group, a Chinese corporation. Kroll called some $1.1 billion in debt on the building a "loan of concern". Unfortunately, for Kushner the global financial crisis followed soon after, almost sinking his business, forcing him to sell off much of his stake in the building to another developer.
"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.
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.
"Kushner Companies has taken significant steps to avoid potential conflicts and will continue to do so", said James Yolles in a statement.
When contacted, Kushner Cos. declined to give any comment and said the deal is still in its initial stage. A White House spokeswoman also said that Mr. Kushner will excuse himself from any issues where his impartiality may be reasonably questioned. "Anbang is a highly transparent company that operates in accordance to the standards of public companies and strictly abides by applicable regulatory requirements", he said.
The chairman of Anbang, Wu Xiaohui, who wined and dined Jared Kushner at the Waldorf Astoria hotel in November, married the granddaughter of Deng Xiaoping, the paramount leader who transformed China's economy. There are discussions under way between China and the USA on a potential summit between Trump and Chinese President Xi Jinping to take place as early as next month.
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