Brian Su attends AILA/IIUSA Annual Conventions in National Harbour Maryland
Wednesday, 30 June 2010
Brian Su is attending AILA annual convention and IIUSA annual luncheon and meeting today at the Gaylord National Resort in National Harbour, Maryland. IIUSA meeting is a great event for Mr. Su to meet with many new and old friends and clients.
Banking panel clears way for $30M loan to Northern Beef
(Source: The Daily Republic) PIERRE — The South Dakota Banking Commission decided Tuesday that a small group of secret investors doesn’t need a state lending license to make a short-term $30 million construction loan to Northern Beef Packers to complete and start operating a new plant at Aberdeen.
The loan was described during the 15-minute hearing as the last major piece in reviving the stalled project, which is a key component in Gov. Mike Rounds’ South Dakota Certified program for raising, butchering and marketing quality beef that can be specifically tracked from the pasture to the feed lot to the table.
The Northern Beef project began in 2005. The empty building, started by Aberdeen livestock marketer Dennis Hellwig, now has many liens and other claims against it. Hellwig and the original investors have been unable to attract enough conventional financing to get the plant finished and open. The hearing Tuesday provided additional insight into who’s providing the $30 million loan, which is due in 2013 or sooner. An affidavit filed for Wai Yee Christine Ma, a resident of Hong Kong, China, outlined the financial chain. She is a director of Anvil Asia Partners, a Cayman Islandsincorporated company. Anvil Asia manages Pine Street Special Opportunity Fund I, also incorporated in the Cayman Island. The actual lender of the $30 million is Epoch Star Limited, a special purpose entity incorporated in the British Virgin Islands and wholly owned by Pine Street. She said Pine Street has less than 10 investors; and none of Anvil, Pine Street or Epoch is a related party to Northern Beef, or is a bank, or is regularly engaged in the business of lending money.
In her affidavit, she said her understanding is that Asian investors participating through the U.S. government’s EB-5 program provided part of the original funding for the project. EB-5 visas are available to foreign nationals who invest $500,000 in certain types of projects. “It is further my understanding that for many reasons construction of the plant has stopped, the project is a financial failure, the benefits and status of the original EB-5 investors is in some jeopardy, many liens have been filed on the project and NBP does not have the financial wherewithal to complete the project, absent a multiplicity of financial arrangements of which Epoch’s participation is part. “It is my further understanding that a second ‘wave’ of EB-5 investors has been obtained, and a number of other incentives and financial vehicles have been assembled, some involving the state of South Dakota,” she continued. “In any event, none of these financial sources provides the necessary funding to complete construction of NBP’s plant and to get it operational. It is estimated that approximately $30 million will be needed for that purpose.” She said Epoch was formed solely as “an ad hoc and diverse structure” for making the $30 million loan. That, combined with the urgency of Northern Beef’s needs and “apparent inability” to find traditional financing, would “as a practical matter end” the hopes of Northern Beef and the EB-5 investors’ group to complete the project if Epoch was required to go through a state licensing process, she said. Sioux Falls lawyer Steve Sanford represented Epoch before the Banking Commission. He explained that Epoch sought the declaratory ruling because the participants wanted assurance that a state lending license wasn’t necessary. The request for a declaratory ruling from the commission was received June 11 by the state Division of Banking. Asked why a decision by division director Roger Novotny wasn’t sufficient, Sanford replied: “Because so much was at stake.” He said the commission has clear authority under state law that supersedes the director’s power to make administrative decisions. “I don’t think I’m paranoid. In this instance, I’m trying to be extremely careful,” Sanford said. Aberdeen lawyer Rory King represented Northern Beef at the hearing. “This is the last condition of an imposing checklist to be fulfilled,” he told the commissioners. He said nearly all lien-holders have consented to payment-schedule agreements.
The Rounds administration was represented by one of the governor’s Cabinet members, Secretary of Tourism and State Development Richard Benda. “We look forward to a favorable decision today so we can move the project forward,” he testified. The commission’s vote was 4-0 finding that a state license was unnecessary. “That’s as firm as we can get, Steve,” Commissioner John Lillibridge of Burke said.
Replied Sanford, “I think we need to be grateful we live in a state where we can get this kind of thing done with dispatch.”
Artisan Business Group, Inc., assisted South Dakota Regional Center in introducing the first phase of Northern Beef Project to China market in late 2007. For more information about our EB-5 consultation services, contact us today.
The loan was described during the 15-minute hearing as the last major piece in reviving the stalled project, which is a key component in Gov. Mike Rounds’ South Dakota Certified program for raising, butchering and marketing quality beef that can be specifically tracked from the pasture to the feed lot to the table.
The Northern Beef project began in 2005. The empty building, started by Aberdeen livestock marketer Dennis Hellwig, now has many liens and other claims against it. Hellwig and the original investors have been unable to attract enough conventional financing to get the plant finished and open. The hearing Tuesday provided additional insight into who’s providing the $30 million loan, which is due in 2013 or sooner. An affidavit filed for Wai Yee Christine Ma, a resident of Hong Kong, China, outlined the financial chain. She is a director of Anvil Asia Partners, a Cayman Islandsincorporated company. Anvil Asia manages Pine Street Special Opportunity Fund I, also incorporated in the Cayman Island. The actual lender of the $30 million is Epoch Star Limited, a special purpose entity incorporated in the British Virgin Islands and wholly owned by Pine Street. She said Pine Street has less than 10 investors; and none of Anvil, Pine Street or Epoch is a related party to Northern Beef, or is a bank, or is regularly engaged in the business of lending money.
In her affidavit, she said her understanding is that Asian investors participating through the U.S. government’s EB-5 program provided part of the original funding for the project. EB-5 visas are available to foreign nationals who invest $500,000 in certain types of projects. “It is further my understanding that for many reasons construction of the plant has stopped, the project is a financial failure, the benefits and status of the original EB-5 investors is in some jeopardy, many liens have been filed on the project and NBP does not have the financial wherewithal to complete the project, absent a multiplicity of financial arrangements of which Epoch’s participation is part. “It is my further understanding that a second ‘wave’ of EB-5 investors has been obtained, and a number of other incentives and financial vehicles have been assembled, some involving the state of South Dakota,” she continued. “In any event, none of these financial sources provides the necessary funding to complete construction of NBP’s plant and to get it operational. It is estimated that approximately $30 million will be needed for that purpose.” She said Epoch was formed solely as “an ad hoc and diverse structure” for making the $30 million loan. That, combined with the urgency of Northern Beef’s needs and “apparent inability” to find traditional financing, would “as a practical matter end” the hopes of Northern Beef and the EB-5 investors’ group to complete the project if Epoch was required to go through a state licensing process, she said. Sioux Falls lawyer Steve Sanford represented Epoch before the Banking Commission. He explained that Epoch sought the declaratory ruling because the participants wanted assurance that a state lending license wasn’t necessary. The request for a declaratory ruling from the commission was received June 11 by the state Division of Banking. Asked why a decision by division director Roger Novotny wasn’t sufficient, Sanford replied: “Because so much was at stake.” He said the commission has clear authority under state law that supersedes the director’s power to make administrative decisions. “I don’t think I’m paranoid. In this instance, I’m trying to be extremely careful,” Sanford said. Aberdeen lawyer Rory King represented Northern Beef at the hearing. “This is the last condition of an imposing checklist to be fulfilled,” he told the commissioners. He said nearly all lien-holders have consented to payment-schedule agreements.
The Rounds administration was represented by one of the governor’s Cabinet members, Secretary of Tourism and State Development Richard Benda. “We look forward to a favorable decision today so we can move the project forward,” he testified. The commission’s vote was 4-0 finding that a state license was unnecessary. “That’s as firm as we can get, Steve,” Commissioner John Lillibridge of Burke said.
Replied Sanford, “I think we need to be grateful we live in a state where we can get this kind of thing done with dispatch.”
Artisan Business Group, Inc., assisted South Dakota Regional Center in introducing the first phase of Northern Beef Project to China market in late 2007. For more information about our EB-5 consultation services, contact us today.
Changes to the Canadian Federal Immigrant Investor Program will Bring More Chinese Investors to EB-5 Regional Center Projects
Sunday, 27 June 2010
Canada’s Immigrant Investor Program (IIP) attracts experienced business people who bring significant economic benefits to Canada. Citizenship and Immigration Canada (CIC) is proposing changes to the program that will be implemented in this fall. These proposed regulatory changes would require new investors to have a personal net worth of CAN$1.6 million, up from $800,000, and make an investment of $800,000, up from $400,000. Under Canada’s current criteria, the volume of applications submitted under the IIP has grown exponentially in recently years. As a result, the CIC will temporarily not accepting new applications until the changes are finalized. Only applications postmarked before June 26, 2010, will be accepted. The old applications will take years to process. With the limit on investor applications and policy changes with IIP, more Chinese migration companies and investors are looking into opportunities with U.S. EB-5 Regional Center pilot program and EB-5 investment projects. For more information about promoting EB-5 immigrant investment project, contact us today.
Report from China: Richard Benda South Dakota Regional Center Project in Beijing
Saturday, 26 June 2010
South Dakota Secretary for the Department of Tourism and State Development Mr. Richard Benda is attending an EB-5 promotional seminar at 2 pm June 27, 2010, in Beijing, to promote South Dakota Regional Center project. For more information about promoting EB-5 in China, contact us today.
Mr. Brian Su Attends IIUSA Annual Meeting in DC
Mr. Brian Su is planning to attend the IIUSA annual meeting and luncheon at Gaylord Hotel July 1-2. Mr. Su will be meeting with EB-5 regional center executives and immigration attorneys during the two day trip. For more information, contact us today.
Flats East Bank project receives $20 million from foreign investors
Friday, 25 June 2010
CLEVELAND -- Wealthy foreign investors have committed $20 million to the Flats East Bank project, motivated by the promise of profits and permanent residency in America. Eddy Zai, an international business consultant in Pepper Pike, is using a little-known immigration program to attract the investment, considered a key to restarting the long-awaited, $275 million plan to bring an office tower, boutique hotel and retail to the east bank. Zai aims to draw an additional $20 million for the project over the next six months. Separately, he hopes to attract $25 million to $50 million a year for projects related to real estate development, the film industry and the new Cleveland Health-Technology Corridor. Forty investors from China, Brazil, Argentina, India and Britain have committed $500,000 each to the east bank. (Source: Cleveland.com June 25, 2010)
Mr. Eddy Zai is President and CEO of Cleveland International Fund Regional Center (CiF). Artisan Business Group, Inc., has provided cost-effective and professional China market entry advisory and support services to CiF for the past three months. Congratulation to CiF! For more information about Artisan Business Group and our services, contact us today.
Mr. Eddy Zai is President and CEO of Cleveland International Fund Regional Center (CiF). Artisan Business Group, Inc., has provided cost-effective and professional China market entry advisory and support services to CiF for the past three months. Congratulation to CiF! For more information about Artisan Business Group and our services, contact us today.
Working with Chinese Immigration Brokers: Rule No. 7
When working with Chinese migration companies, you are expected to provide all project documentation translated in Chinese language. Migration brokers specifically dislike EB-5 Regional Centers request them to translate key documentation such as subscription agreement, limited partnership agreement, or PPM. It is not migration companies' role to be acting as your translators! Get your paperwork translated at home prior to marketing the EB-5 investment project in China, make your project shovel-ready. For more information about how to get your PPM and other legal paperwork translated at very low rates, contact us today.
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