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January 9, 2017

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Anbang eyes building overhaul

CHINA’S Anbang Insurance Group is in talks to invest in a project to redevelop a flagship New York City building owned by Kushner Companies, the family real estate business run by US President-elect Donald Trump’s son-in-law Jared Kushner, according to a person familiar with the discussions.

The talks to revitalize the 41-floor building located at 666 Fifth Avenue, were first reported by the New York Times on Saturday in an extensive article about Kushner that detailed a November meeting between him and Anbang Chairman Wu Xiaohui days after Trump won the election.

The deal has not been completed and key points remain in discussion, the newspaper reported, citing representatives for Jared Kushner. A source, who was not authorized to speak publicly, confirmed the talks to Reuters.

Representatives for Kushner and Trump did not respond to requests by Reuters for comment, while Anbang declined to comment.

Kushner is married to Trump’s daughter Ivanka and is the CEO of Kushner Companies. He is believed to be considered for a senior White House role as a trusted confidant to his father-in-law, who takes office on January 20.

Kushner is studying with lawyers how he would have to divest and distance himself from the family business if he were to work in the Trump administration, the New York Times said.


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