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Chinese Investors Power Revival In Cleveland
Cleveland has transitioned from a manufacturing center to a more service-based economy. Occupancy rates in apartment buildings have climbed more than 90 percent in recent years. Local real estate developers say the city's resurgence might not have happened if they had not received cash that has come largely from Chinese immigrant investors and the USA EB-5 visa program.
EB-5 visa was created to stimulate the US economy through job creation and capital investment. The program targets foreign investors who put at least $500,000 into a project that creates a minimum of 10 jobs in an economically depressed region. The investors receive a two-year visa with a good chance of obtaining permanent residency for themselves and their families. In 2014, the US issued more than 10,000 EB-5 visas and about 85 percent went to applicants from China.
The Cleveland International Fund is one of several regional centers in the US designated by US Customs and Immigration to direct EB-5 investments. Of the eight projects built at a total cost of $2.3 billion, the fund claims that foreign investors have provided more than $220 million, and of that amount, Chinese immigrants have been responsible for roughly 85 percent.
EB-5 financing was a key element for an office building and hotel becoming a reality. That money went into not only the East Bank offices and hotel, but also into a $70 million renovation that created a 484-room Westin Hotel, two blocks from City Hall.
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