EB-5 March Madness in China Continues with the Investment Immigration Project Exhibition 2015
MSA reports live from Guangzhou, China
By Mona Shah, Esq. & Rebecca S. Singh, Esq.
March 27-29, 2015, the Guangdong Entry and Exit Immigration Association successfully hosted its annual Investment Immigration Project Exhibit at the Sofitel Hotel in Guangzhou. Over 100 immigration agencies from Guangdong and around Southern China attended the event. MSA had the privilege of being the only EB-5 immigration firm from the U.S. attending and presenting at this exclusive exhibition, showcasing only a handful of investment projects from around the world.
Investment projects included projects from Malaysia, Cyprus, Portugal, with the majority of exhibitors and presentations coming from the U.S.[1] The EB-5 projects were an interesting mix – ranging from large, glamourous real estate projects to small direct pooled projects. The projects included Mount Snow, introducing the West Lake Water project and Carinthia Ski Lodge, through the Vermont Regional Center. U.S. Immigration Fund gave a glamorous introduction to their latest project — renovating the Nassau Coliseum in Long Island, New York, on similar lines to the Barclays Center in Brooklyn, New York. The New York City charisma / glamour theme was continued with the presentation of the New York City Green Transportation Project. The Arizona Alternative Energy Center gave a confusing summary of their current projects, while the ChiAm Dim Sum Group introduced a novel approach to Chinese franchise restaurants.
Present at the Exhibition were many of the smaller migration agents, looking for a project to pitch to their investors.[2] On a practical basis, these small agents still continue to work with larger wholesale registered agents. One small agent expressed his frustration with some of the EB-5 projects presented, as he felt overwhelmed and unable to decide which project to promote. There were a handful of individual investors who also attended the Exhibition.
The Immigration update from IIUSA by George Ekins, from American Dream Fund, attracted a sizable audience, eager to hear the magic words …more EB-5 visas and no retrogression! MSA has always been critical of excessive retrogression analysis as it amounts to scaremongering the Chinese, pushing them into the arms of the European programs, who are all too ready to welcome them, showing alluring videos, selling dreams. Complacency has no place in EB-5 as this conference was an eye-opening event, underlying the importance for EB-5 projects to be aware that the Chinese would-be immigrants do have other choices.
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[1] The China Finance Creditable Wealth Management discussed the housing market in Malaysia, stating that it is the best time to invest as Malaysia’s government is bringing subway lines and new plans by 2020. Commercialism is growing in Cyprus as noted by two presenters, Dacheng Immigration Consultant and Pafilia Property Developers. A new resort will be constructed in Portugal, Pine Sheraton Cliffs Resort; GPD of Portugal has risen for the first time in five years. Greece’s consulate officer in China also gave a speech welcoming the furtherance of relations between Greece and China.
[2] Since November 20, 2012, the Guangdong Exit-Entry Bureau eliminated the requirement for agents to apply for the exit-entry license to provide immigration services in the Guangdong Province.
