Kushner family to make $400M from real estate deal with Chinese firm: report

Kushner Companies, the real-estate developer owned by the family of Jared Kushner, is set to make $400 million off a deal with the China-based Anbang Insurance Group, Bloomberg reported on Monday.

The New York Times first reported in January that Jared Kushner, who serves as a senior adviser to President Trump and is married to Trump’s oldest daughter, Ivanka, was pursuing the deal with Anbang to invest in a building at 666 Fifth Ave. in Manhattan. A spokeswoman for Kushner at the time said Kushner planned to sell his stake in the property.

The Kushners’ company would not reveal details of the deal to Bloomberg and said it has not been completed.

{mosads}A spokesman did tell the news outlet that Kushner 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 is also looking for additional investors through the EB-5 visa program, which provides two-year visas and a track to permanent residency in the United States for foreign nationals who invest at least $500,000.

A White House spokesman told Bloomberg that Kushner will recuse himself from subjects such as the EB-5 visa program.

An Anbang spokesman stressed the company’s transparency and compliance with regulatory requirements.

“Anbang is a highly transparent company that operates in accordance to the standards of public companies and strictly abides by applicable regulatory requirements,” Tim Ragones told Bloomberg in a statement.

News of the deal comes after a report that Trump will host Chinese President Xi Jinping at his Mar-a-Lago residence in Palm Beach, Fla. next month.