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|Articles - April 2011|
|Tuesday, March 22, 2011|
Page 3 of 8
However, if the developer fails to prove that the foreign investor has created 10 jobs, the government will not grant the investor a green card. The jobs must be deemed sustainable after a two-year conditional period.
“You need to deliver,” says Chen. “You need to give the proof of the jobs.”
Chen earned his PhD from Oregon State University in 1996. He started an environmental consulting firm but found it difficult to bring in work because of language and cultural barriers. So he used his computer skills and work ethic to find information technology positions during the dot-com boom years. Even as that bubble burst, China continued its rise. Chen began to hear from family friends who were interested in moving money into the West once the timing seemed right. The investment group grew, and when the time came Chen and his backers pounced aggressively on dramatically undervalued assets. They bought the KOIN Center for about $50 million less than the $106 million the California Public Employees’ Retirement System paid for the building in 2007 after CalPERS defaulted on a $70 million loan.
Their EB-5 strategy will have to be more methodical, tied as it is to government approvals. They plan to start small with a pilot project out of the Oregon Pacific building in downtown Portland. Formerly the home of the Greek Cusina restaurant shut down by the city for fire code violations, the building would be renovated into a mixed-use development financed by 15 foreign investors hoping to gain green cards.
“The Oregon Pacific project is very small,” says Chen. “We want to make sure we are taking a conservative, safe path in all our projects. We took about six months to prepare our application, just to do a lot of research. Because once it starts it won’t stop. This will be the first but it will be followed by others.”
Wednesday, July 02, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.
Friday, June 27, 2014
BY JASON NORRIS | OB BLOGGER
Over the last several months we have seen a wave of cross-border acquisitions, primarily U.S.-based companies looking to purchase non-U.S.-based companies. There are a few reasons for this, but the main culprit is the U.S. corporate tax system. The United States has one of the highest corporate tax rates in the world.
Thursday, June 05, 2014
BY HANNAH WALLACE | OB BLOGGER
What does it take to launch and run one of these mobile food businesses?
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Monday, July 07, 2014
BY TOM COX | OB BLOGGER
Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.
Thursday, May 29, 2014
BY LEE VAN DER VOO
A forest collaboration saves the Rough & Ready Lumber Company.
Friday, July 18, 2014
BY JASON NORRIS | OB GUEST CONTRIBUTOR
Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”
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