A company owned by the family of President Donald Trump’s son-in-law, Jared Kushner, will make about £330 million from a Chinese firm in an investment deal relating to a New York office tower, Bloomberg reported.
The Kushner Companies will benefit from a “home run” deal involving Anbang Insurance Group over the property at 666 Fifth Avenue, Manhattan, the report said.
The $4 billion (£3.3 billion) deal will result in Kushner Co receiving about $400m, raising concerns over a potential conflict of interest involving Mr Kushner, who is also a senior advisor to Mr Trump.
The Bloomberg report said the company would receive a “sizable cash payout” from the Chinese side “for a property that has struggled financially”.
“The deal would value the 41-story tower at $2.85 billion, the most ever for a single Manhattan building,” it added.
Bloomberg also argued that Anbang has “murky links to the Chinese power structure” and previous investments in the United States have raised “national security concerns”.
The company own the Waldorf Astoria in New York – a hotel that former President Barack Obama refused to stay in two years ago because of concerns over espionage.
The deal would put Anbang in business with the in-laws of the first family. Jared Kushner is married to the president’s daughter, Ivanka.
An existing mortgage owed by the Kushners will be slashed to about a fifth of its current amount, the report said.
Joshua Stein, a real estate lawyer who is based in New York, told Bloomberg: “It does sound like a home run of a transaction.”