Jared Kushner, New York real estate developer and son-in-law of President-elect Donald Trump, will soon be named senior adviser to the president, The New York Times reports:
The rumored post has focused attention on Mr. Kushner’s myriad potential conflicts of interest, including a Chinese development deal that’s in the works. Then there’s the issue of whether a son-in-law in the West Wing violates antinepotism laws.
Kushner’s official title may be amended, and an announcement could come as early as Tuesday.
Over the weekend, the Times reported on Kushner’s potential deal with Anbang Insurance Group, a major investment company out of China. The two parties reportedly met on Nov. 16 to discuss a joint venture in Manhattan: “the redevelopment of 666 Fifth Avenue, the fading crown jewel of the Kushner family real-estate empire.”
Anbang, which has close ties to the Chinese state, has seen its aggressive efforts to buy up hotels in the United States slowed amid concerns raised by Obama administration officials who review foreign investments for national security risk.
Kushner’s family business has participated in roughly $7 billion in acquisitions in the past decade, “many of them backed by opaque foreign money, as well as financial institutions Mr. Kushner’s father-in-law will soon have a hand in regulating,” the Times reports.
According to Kushner spokeswoman Risa Heller, Kushner will resign as chief executive of Kushner Companies, and though the law does not require it, she said he would divest “substantial assets.” She did not name them, but Ms. Heller said they would include his stake in 666 Fifth Avenue.
Just how meaningful that plan is remains to be seen. Mr. Kushner’s representatives declined to detail his personal financial interest in Kushner Companies’ properties, and they said he intended to keep his interest in other properties beyond 666 Fifth Avenue. He also has a stake, through a family investment vehicle, in a private equity firm run by his brother, Joshua, with far-flung investments of its own.