There are reports from CNN that that New York is building one of the biggest Ferris wheels in the world which is partly funded by Chinese investors hoping for U.S. green cards.
The Ferris wheel which is being constructed on Staten Island, will stand 630 feet high and is expected to be completed in 2 years. Its 36 pods will hold about 40 people each and offer panoramic views of the New York skyline during a slow rotation.
According to them, the idea is to capitalize on the two million-plus tourists who ride the Staten Island ferry each year past the Statue of Liberty, but never get off and spend money on the island itself and the wheel will cost $35 per person to ride.
Over 500 Million Dollars has been estimated to build the wheel which is why they have turned to foreign investors. Currently, the U.S. government runs a program that grants green cards to foreigners in exchange for job-creating investments in the United States.
It is known as the investor immigrant visa, EB-5 which requires a $500,000 investment in a high unemployment area or $1 million in a low unemployment area.
So far, with this, the Chief Marketing Officer of the New York Wheel, Travis Noyes, says they have raised over $170 Million from 300 Chinese investors and the temporary immigrant visas are expected to be issued to them and their families within the year.
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