Failed projects like the New York Wheel on Staten Island, shown on April 25, highlight downsides for EB-5 investors.
A group of New York developers suffered an embarrassing setback after abandoning a partially constructed observation wheel this fall. Scores of Chinese investors who relied on the project to get a green card may be even bigger losers.
The demise of the Staten Island project likely means most of those investors are out hundreds of thousands of dollars, and some may not get permanent U.S. residency.
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