Philadelphia Welcomes Chinese Investors

Marcia Gelbart and Linda Loyd reported this in the The Philadelphia Inquirer:

With coaxing from Gov. Rendell, the Convention Center Authority approved a resolution that enables the center’s expansion to be partly financed with a $100 million loan that is backed by 200 wealthy investors from China, and elsewhere, who want to move to the United States.

The loan is part of a federally sponsored program in which immigrant investors, under certain rules, can become eligible to receive “green cards” for permanent residency. In exchange, they pledge $500,000 apiece toward various local development projects, such as the expansion. Click here for the full piece.

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