NEW YORK Jan 7 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 U.S. President-elect Donald Trump's
son-in-law Jared Kushner, according to a person familiar with
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 Jared Kushner that
detailed a November meeting between him and Anbang Chairman Wu
Xiaohui days after Trump won the presidential election. (Link: nyti.ms/2i0Wfw3)
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 but did not elaborate.
Representatives for Kushner and Trump did not respond to
requests by Reuters for comment, while Anbang declined to
Kushner is married to Trump's daughter Ivanka and is the
chief executive of Kushner Companies. He is believed to be in
consideration for a senior White House role as a trusted
confidant to his father-in-law, who takes office Jan. 20.
Kushner is studying with lawyers how we would have to divest
and distance himself from the family business if he were to take
a role in the Trump administration, the New York Times reported.
Kushner will also have to determine whether federal
anti-conflict of interest laws, which prohibit the hiring of a
family member including a son-in-law, would preclude him working
in a government run by Trump.
Privately-owned Anbang, established in 2004 as an auto
insurer, has emerged as one of China's most aggressive acquirers
of overseas assets in the past two years, spending more than $30
billion buying luxury hotels, insurers and other property
assets. It owns the famed Waldorf Astoria hotel in New York
The Fifth Avenue building was purchased by Kushner Companies
in 2006 for $1.8 billion, which at the time was the highest
sales price for a single building in Manhattan.
(Reporting by Greg Roumeliotis in New York and Ginger Gibson in
Washington; Writing by Mary Milliken; Editing by Carmel Crimmins
and Chris Reese)