Kushner Companies to net $400 mn in property deal with China's Anbang

Kushner Companies, the real-estate developer owned by the family of Jared Kushner, will net $400 million from a deal with the China-based Anbang Insurance Group, Bloomberg reported yesterday.

The New York Times first reported in January that Kushner who served as a senior adviser to president Trump and was married to Trump's eldest daughter, Ivanka, had been working on the deal with Anbang to invest in a building at 666 Fifth Avenue in Manhattan.  A spokeswoman for Kushner at the time had said Kushner planned to take a stake in the property.

According to the company, the details of the deal could not be revealed as it had not been completed. However, a spokesman had told the news outlet that Kushner had sold his share in the building.

''Kushner Companies has taken significant steps to avoid potential conflicts and will continue to do so," said James Yolles in a statement.

The partnership between the Kushner family company and Anbang was also looking for additional investors through the EB-5 visa programme under which two-year visas and a track to permanent residency in the US is provided to foreign nationals investing at least $500,000.

According to a White House spokesman who spoke to Bloomberg, Kushner would recuse himself from subjects such as the EB-5 visa programme.

The planned $4-billion transaction included terms that, according to some real estate experts were unusually favourable for the Kushners. The Kushners would get both, a cash payout from Anbang Insurance Group for a property that had struggled financially and also equity stake in a new partnership.