Chinese Firm With Government Ties Pulls Out of Deal With Kushner Family

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666 Fifth Avenue. Photo: Eric Baradat/AFP/Getty Images

A Beijing-based investment firm tied to the Chinese government has pulled the plug on a $4 billion real-estate deal with Jared Kushner’s family. Labeled a “sweetheart deal” by one critic earlier this month, the terms called for Anbang Insurance Group to pay Kushner Companies $400 million and pump billions more into the redevelopment of the firm’s flagship property at 666 Fifth Ave.

The collapse of the partnership comes days after several prominent Democrats, including Senator Elizabeth Warren, wrote a letter to the White House, raising concerns about the favorable terms of the deal and Kushner’s still-unclear role in his family business. “This deal, if codified, appears to present a clear conflict of interest for Jared Kushner,” the lawmakers wrote.

Chinese Firm Pulls Out of Deal With Kushner Family