Controversy Continues to Roil Ratner Trip to China
by Net Income on Oct 6, 2010 7:41 AM EDT
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PrintRight around the time the Nets arrive in Beijing next Monday, Bruce Ratner will be pitching investments in Atlantic Yards to Chinese businessmen at a hotel in the Chinese capital. Ratner is hoping to raise a quarter billion dollars to help him build out his overall project. The city and state endorse the effort.
Barclays Center, the first element in the project, is fully funded, but Ratner is seeking funds to finance the rebuilt railyard next door and pay off a loan on a piece of property outside the arena footprint. He's doing so under a controversial program that offers investors green cards in return for $500,000 in financing...and the middleman he's using to attract investors is using the Nets' visit to promote the effort.
The controversy has attracted so much attention that Brooklyn Boro President Marty Markowitz, an Atlantic Yards supporter, has decided not to accompany Ratner to Beijing.
- Ratner plan Nets critics - Michael O'Keeffe - New York Daily News
- ESDC admits "green cards for investors" program won't create any new jobs - Norman Oder - Atlantic Yards Report
- Markowitz pulls out of controversial China trip to benefit Nets arena - Rich Calder - New York Post
- Feeling pressure (?), Markowitz pulls out of China trip, even though it was OK'd by the Conflicts of Interests Board - Norman Oder - Atlantic Yards Report
- NYCRC misleads Chinese investors about project - Norman Oder - Atlantic Yards Report
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The United States will soon be owned by China and Russia. $500Gs for a green card? Smh at what the United States will soon become.
Ratner keep chasing that almighty dollar or yuan.
Canada has been doing the same thing for years before the USA has. See how Toronto and Vancouver have become strong Chinese communities.
In part, the reason why it works, is that the USA is quick to reject most VISA applications from China from younger people, with the excuse that they have tendencies to immigrate to the USA.
Its all legal, but I could understand why a politician wouldn’t want to be associated with it.
will "soon be"?
"Anthony Randolph has hall of fame skills" - GALLO!
by MrDollarBills on Oct 6, 2010 2:19 PM EDT up reply actions
China can easily knock down this house of cards with one phone call
"Anthony Randolph has hall of fame skills" - GALLO!
by MrDollarBills on Oct 6, 2010 2:22 PM EDT up reply actions
Why doesn’t China keep the Rat over there. We keep trying to draw Chinese culture into the US. Why? We can have a working international relationship, but, why are we so enamoured with marketing to the Chinese? If the Rat is SO thirsty to make money off of the Chinese population, he should stay in their country. We do not need more Chinese heritage nights at the games and we do not need more Rats.
LETS GO NETS!
Short Answer
1) China has the fastest growing economy in the world
2) China is holding a lot of US debt, which if called in would wreck our economy
3) Go where the money is
The only problem with the EB 5 program is that recent news articles and recent 60 minutes report pointed out that EB 5 program has sometimes been used be China to send spies over.
Section 2 @ the Rock
by R-D on Oct 6, 2010 8:53 AM EDT up reply actions
Yeah...
But it puts in touch with influential business men
Section 2 @ the Rock
by R-D on Oct 6, 2010 9:43 AM EDT up reply actions
Makes sense; China doesn't easily allow that much money to leave its country. Makes sense for China to want some benefit in return.
Some of these business people probably want the benefits of both US Permanent Residence while maintaining relations with China, for their business activities. Still though, I doubt we are talking about the serious type of spying we are used to hearing about.
Espoinage
The set-up in the Past has been that Chinese have send legit business folks over to make contact with a with various gov’t officials and Top tier business people. After a relationship was established the Chinese business person was advised to pay for information from their relationships. The information was from business dealings to top secret gov’t info.
Section 2 @ the Rock
Not sure what kind of Gov't secrets that Ratner would know? Sure he could set them up with people like Trump and Bloomberg, but doubt they would give out Gov't secrets.
More likely China would benefit with new more efficient technologies from their business dealings.
If they want secrets from our Nuclear Research facilities, they just send over the best students who eventually get jobs there. That is what has happened in a few cases.
Those were examples.
of what types of info for that Chinese were looking for. Not necessarily having to do with the AY.
Off the top of my head if they were looking contacts just look at the circles that Ratner runs with.
Section 2 @ the Rock
Remember those Russian Spies...
Nabbed in Montclair a few months ago. It wasn’t a matter of great intel, or money. It had to do with the circles of influence they were close to .
Not saying Ratner would be involved of this… But this is all hypothetical
Section 2 @ the Rock
by R-D on Oct 6, 2010 3:37 PM EDT up reply actions
@JustinNJ: China may not be the best place for Ratner to visit.
You know they eat “Rats” in China! :)
by aunt-B on Oct 6, 2010 8:55 AM EDT up reply actions 1 recs
what's wrong with chinese heritage night?
As someone who is 1/4th chinese, i take offense
just kidding(about taking offense). But I don’t see nothing wrong with ethnic themed nights at the Pru. I like women of all flavors.
"Anthony Randolph has hall of fame skills" - GALLO!
by MrDollarBills on Oct 6, 2010 2:21 PM EDT up reply actions
Didn' articles from last year say that Ratner secured funding?
I a little lost here.. It seems Ratner continues to need more cash
Section 2 @ the Rock
Maybe he only secured promises, but hasn't collected the money?
Chinese businesses usually have to transfer money by electronic wire or else it takes forever for clearance.
Then the USA has to check that it doesn’t violate the Patriot Act.
he has NO Chinese funding
SImple answer: the arena is financed by the $511 million bond issue and another $400 million in equity funding from Ratner, Prokhorov, etc. plus some financing from the city and state.
The ARENA is fully funded as has been reported by the ESDC and Forest City Enterprises. Again, if there is construction shortfalls on the ARENA, Prokhorov and Ratner have an agreement for Prokhorov to fill the gap…and receive up to 80% interest in the ARENA.
There are three companies involved in this: one that holds an interest in the Nets, one that holds an interest in Barclays Center, one that holds an interest in the remainder of Atlantic Yards: the residential, office, commercial and hotel space.
as noted in the item above...
the arena is fully funded. The rest of Atlantic Yards—the residential and office towers, the rail yard, etc.,—still needs financing. This is PART of that effort. He expects to build the first tower as the arena is opening.
I know that
I know that Arena is Funded, but I was under the assumption that AY as a whole was funded as well
Section 2 @ the Rock
by R-D on Oct 6, 2010 9:56 AM EDT up reply actions
I don't think
the timing is any accident. The Nets arrive in Beijing from Moscow on the afternoon/evening of October 11 (next Monday). That evening, with Chinese media announcing the arrival of the Nets (with Prokhorov?) and Rockets (with Yao), Ratner will be hosting a group of potential investors at a hotel in Beijing.
On the afternoon of the 16th, Team Ratner will be in Guangzhou pitching the investment, hours before the Nets open the new Guangzhou arena.
Q. Does anyone think some of the more promising investors will be attending the Nets games in Beijing on the 13th or Guangzhou on the 16th with Ratner?
A. Duh.
I was never referring to financing for the Barclay's project.
I’m sure this is all legal and has to do with financing beyond Barclay’s, as he states, so it doesn’t involve Proky at this time, and it is none of the business of Daniel Goldstein.
With all the ways that China takes money from the USA without returning in kind, it is good that there is a way to take from China. I believe the figure used to be about $200,000 about 5 years ago when my in-laws asked us to look into the program.
If Ratner wasn’t doing this, then some other American businessman would be. The fact that he has ties to China just makes him a good businessman.
Still though, it is one thing to receive the funding promises from Chinese citizens, and another thing to receive the $.
Bank of China doesn’t allow more than $5,000 to leave China at one time, without proper documentation from abroad. It is no wonder much more money goes into China than comes out. And any large funds coming into the USA are subject to the Patriot Act.
The story says that the $500,000 is returned to the investors, after the project creates new jobs. It would seem that this particular project (Atlantic Yards) would be an easy way to justify meeting the goals of providing the financing. I wonder what the history is for returning funds to Chinese investors in the EB-5 project? I would assume that most of the time, the goals aren’t met, but permanent residence is still granted.
I wouldn’t blame Chinese citizens to turn to Ratner for an easy way to get P.R. and also get their money back at the same time. And I wouldn’t fault the USA for allowing wealthy people to become Citizens of the USA, after all the illegals without money are hurting the US economy.
Considering all the illegal bordering crossings, and subsequent ease (relatively) of acquiring residency
how could any American reasonably object to wealthy foreigners paying $500,000 for the price of admission, unless you are a xenophobe or racist. If it were white Europeans paying $500,000 for green cards, I doubt many of you would object.
BK King - "Have it your way, Mr. Kroenke"
by 3ptChucker on Oct 6, 2010 11:27 AM EDT reply actions 1 recs
rec'd
exactly. No one would give a damn if these were guys from England, Italy, Germany, or Spain
"Anthony Randolph has hall of fame skills" - GALLO!
by MrDollarBills on Oct 6, 2010 2:33 PM EDT up reply actions
Obama's Aunt lived in Boston as an illegal for nearly 10 years, living off of public assistance
Even as an illegal, she was assigned a rare public housing slot. She overstayed a tourist visa in 2000, and after 10 years of living off welfare, she was granted asylum by a U.S. immigration judge in May 2010.
How you anyone object to Chinese businessmen willing to legally pay $500,000 for a greencard, unless you are a xenophobe or racist.
BK King - "Have it your way, Mr. Kroenke"
Goldstein is completely inexcusable, but to be fair
Proky paid the $3m settlement just so he could represent the Nets on Lottery Night (bombed with 3rd Pick) and clean house before wooing Lebron (bombed with that).
Proky is willing to throw money around to get things done, but how wisely Proky spends money is a matter of debate.
BK King - "Have it your way, Mr. Kroenke"
Goldstein: "I Had to Move So Prokhorov Could Encrust His Plaything With Diamonds"
pure gold
BK King - "Have it your way, Mr. Kroenke"
Uh. Huh. NI reported a few days ago that the arena financing was increasing to $1.5B (with the qualifier, if reports are true). I suggested that the Chinese money would instead go toward repaying land purchase loans (Gramercy) and toward the railyards (MTA). So an attempt was made to belittle my conjecture but now NI is basically reporting that I was pretty close to on target.
by ispartan on Oct 6, 2010 1:18 PM EDT via mobile reply actions
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