According to the 1 March 2013 report copied below, at least 60 of the investors in the Chicago Convention Center EB-5 project are from Guangzhou Province. According to the article, some of the largest Chinese migration agents in Guangzhou sold the Chicago Convention Center EB-5 project.
“This reporter has learned that in selling this project in China, numerous immigration agencies in Beijing, Shanghai, and Guangdong promoted this project and several media outlets reported on this project. In Guangdong province, several famous immigration agencies are implicated including Gasheng, EK Immigration, and InterContinental Group, causing losses to as many as 60 persons. In addition to each investor’s US$500,000 investment, each investor also paid a so-called administrative processing fee of US$41,500. Since this case has been exposed, in Guangzhou, Fly Overseas Immigration Company has been the only immigration company to affirmatively express that it is trying to protect the interests of investors, whereas the other immigration companies have been unduly reticent on the case. Previously, Beijing Worldway had advertised that it was the exclusive agent of this project in China, but since the SEC case, it has told the media that it had dissociated itself from the project long ago and that none of its clients had invested in the project.“
“How should one protect oneself in investment immigration? This reporter has learned that immigration investment fraud constitutes economic fraud. As soon as an investor discovers that his rights and interests have been injured, he may pursue administrative and legal remedies to protect his rights and interests. The Bureaus of Industry and Commerce and the Public Security Bureaus all have departments that accept such cases. If necessary, an aggrieved party may also sue the immigration agencies. Please be reminded that although this incident has affected the immigration market to some extent, the demand for emigrating to the U.S. has always been huge. On the one hand, applicants must take a calm, rational perspective on EB-5 business investment (placing primary emphasis on emigrating to the U.S. rather than rate of return on investment.) On the other hand, immigration agencies should not only be attracted by the commissions and benefits offered by the EB-5 projects, but rather should take into account their clients interests and disclose potential investment risks to their clients. If not, then the immigration agents may encounter difficulties and their credibility in the marketplace will suffer.”
Thanks to Steven Blayney, Blayney Consultinng Limited, for this item & its translation.