CHINA TOPIX

05/18/2024 08:41:12 pm

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U.S. Real Estate Developer: Chinese Immigrant Investors are gifts of God


Based on reports from U.S. Department of Homeland Security, last year, 7,641 immigrant investors were issued visas. Eighty percent of them were Chinese.

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A research of U.S. Citizenship and Immigration Services show that among the 295 foreign nationals who obtained green cards by EB-5 program in 2010, they came from more than 30 countries and regions. But Chinese immigrants account for the most proportion.

The EB-5 program was created by Congress in 1990 to help lift the economy out of recession. President Barack Obama has championed the special immigration program as an engine of job creation. A foreigner who invests at least $500,000 in a qualified U.S. business is entitled to a green card. In addition, the invested money must put at least 10 Americans to work. According to the President's Council on Jobs and Competitiveness, EB-5 program is estimated to bring a $4 billion investment for the United States every year. And about 40,000 new jobs are created due to the EB-5 program.

A real estate developer from Brooklyn, New York City says Chinese immigrant investors are just like "gifts of God". Even a common development project of Brooklyn Navy Yard can attract $60 million from Chinese immigrant investors who want to obtain green cards by EB-5 program.  

A Texas company's business covers the development of Chinese investment market. The company's consultant says if Texas can get a piece of the action from Chinese immigrants' investment, Texas may raise about $5 billion to $10billion U.S. dollars of capital. Furthermore, Texas can create 50,000 to 100,000 new jobs every year.

Therefore, many American business people welcome immigrant investors from China and other countries with open arms. They approve of U.S. government's policy of accepting those immigrants by EB-5 program.

There are many U.S. politicians who support the EB-5 program as well. For example, Chuck Schumer, the senior United States Senator from New York and a member of the Democratic Party, once professed that EB-5 program was a free gift to U.S. taxpayers.   

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