City council member visits China to find EB-5 investors
Members of a California city council recently visited China to drum up investor interest in the EB-5 visa program.
Delano, California city council member, Sam Ramirez, went to China along with representatives from the EB-5 regional center, YK America, to find foreign investors to help build a Wal-Mart Super Center in the city, according to ABC23.
The EB-5 visa program allows foreign nationals a chance to earn U.S. green cards by investing $1 million in an American business. If that investment leads to the creation or preservation of 10 jobs, the investor can get their green card. EB-5 regional centers, like YK America, were set up to manage EB-5 investment opportunities and direct investment to specific projects.
Ramirez told the news source that he is all for foreign investment in the community if it helps Delano’s 30 percent unemployment rate.
YK America is heavily involved in bringing in foreign investment to build large retail stores, like Home Depot and Target, in Southern California. They hope to have the Wal-Mart Super Center up and running by next spring, so construction is expected to begin in the near future.