China investors fund Pennsylvania road for green cards
CRI, December 5, 2014 Adjust font size:
It's been reported that Pennsylvania state in the US is promoting a scheme of soliciting money for highway construction by giving out "green cards".
By investing 500 thousand dollars, the investor can get an immigration visa.
Investors will loan the money for a five-year period. The loan will be backed by toll revenue.
In building the highway, Pennsylvania Turnpike Commission made a total budget of 420 million dollars, among 200 million will be gathered from investors.
This means the scheme must have 400 investors.
So far, the scheme has attracted over 100 people, most of them are from China.
According to reports, the scheme can be multi-beneficial.
The Turnpike Commission will save about $35 million over traditional borrowing costs.
The scheme is also expected to create more than 5,000 new full-time jobs.
For those investors, they will have a shortcut to get an immigration visa to the US.
Similar money soliciting programs have been used in the Temple University Health System and Comcast Corp in Philadelphia.
