News from China: Chinese Authorities Reaction to “A Chicago Convention Center”

Mona Shah & Associates Global Blog

News from China: Chinese Authorities Reaction to “A Chicago Convention Center”

April 9, 2013 – Beijing, China

.

The Beijing Exit Entry Service Association (Quasi-government entity that supervises global migration matters) summoned all the registered migration agencies in Beijing to address the impact of the fraudulent Chicago Convention Center EB-5 project on the market. The president of the association warned all the agencies of the risks of the EB-5 projects in the US and urged the agencies to conduct independent due diligence on each project they work with.

.

During the meeting, the association proposed to charge the EB-5 projects that are interested in entering the Chinese market an application fee. The fee would enable the association to conduct preliminary due diligence. This practice is by no means novel. Taiwan currently charges a fee for all projects. The proposal is under discussion within the agencies. It is unclear whether the Chinese authorities would adopt the proposal as the official policy.

.

The summary of the meeting (in Chinese) can be found at the official website of the Beijing Exit Entry Service Association.  See here.

CONTACT US FOR A CONSULTATION

SUBSCRIBE TO OUR BLOG