EB5中小型项目风险分析

心若水随风

1、项目作为高新企业园区用地，其土地估值高得太离谱。
众所周知，硅谷地价今非昔比，连雅虎位于硅谷地区的中心城市——圣何塞市（SAN JOSE）的办公大楼挂牌租售好多个月都无人问津。这个项目的位置，土地根本不值钱。大家也非常清楚，开发商在此项目中股权占到6200万美元（除了土地没有其它投入，而地价非常便宜），银行贷款3500万美元，而要求的EB-5投资移民资金为9300万美元（186位投资者）。这还仅仅是项目第一期的资金，且EB-5投资人的资金占到第一期总投资额的近50%。任何的EB-5融资项目，投资人资金比例都是越小越安全，而不是EB-5投资人数越少越安全。

事实情况是，整个圣何塞市高新企业园区泛滥，且办公楼租赁市场低迷。现成的、且配套设施完善的知名企业办公大楼都存在租售困难，何况是新建的、各种设施都不配套的新企业园区。

2、项目就业模式仍然还在利用移民局2012年2月17日已经否决的租赁就业（Tenant Occupancy）模式。

开发商为了降低项目成本，大量使用EB-5投资人的资金，对于投资人最希望得到的永久绿卡，根本就不予考虑或说不负责任。项目一期需要募集的EB-5投资人数量为186人，移民局最低要求的就业岗位1860个，而本项目使用租赁形式而计算的就业岗位数为2083个，仅仅高于移民局规定的12%。请大家留意，美国移民局目前正严厉打击以这种租赁模式计算的就业方法，请参考附件移民局最新公告，2012年2月17日，美国移民局对上百个涉及以此种租赁形式计算就业的项目如大型购物中心、办公楼、工业园区、餐馆等不予认可且发出了正式RFE公函，即补充证明材料通告，

换句话说，此项目相当一部分移民局都不会认可，加之其可怜的低就业系数，完全没有可能在I829解除条件时达到移民局的要求，对EB-5投资移民的永久绿卡来说，这是完全没有保障的。

3，这个项目的开发商目前财务面临困境，没有资金实力。

此项目开发商以前是做住宅开发的，在旧金山地区，放着比较赚钱的住宅地产不做，来做工业地产，这本身就不合逻辑。况且，这个开发商在房地产市场好时，没有实现资金的积累。而旧金山房地产市场如今较为低迷时，又遭受了沉重的经济打击。可以说，目前这个项目开发商的资金实力是不够的。两点可以证明：一是银行贷款仅为3500万，仅占整个一期项目总投资的18%。如果是一个很好的项目，加上开发商的实力，怎么也不会只是有这么一个比例的银行贷款。况且，这个项目没有一点政府层面的资金支持，也侧面说明，这不是一个非常理想的项目。

4，投资人不是第一还款方。

由于有银行贷款，投资人不是排在还款顺序的第一顺位（此类工业地产项目，通常都是银行还款优先）。再说，这个项目还有太多的不完善的地方：如有没有完工保障？有无移民局预批准？这个项目的经济计量分析报告究竟是哪家机构做出的，是否值得信赖？EB-5投资者完全可以抛开一切不谈，仔细研究本项目的商业价值究竟有多大？绿卡是否安全？本金还款是否有保障？如果承诺固定时间退款，没有及时还款对开发商有何惩罚措施？等等

5，Henry Global究竟是一家什么样的公司？
抛开HENRY GLOBAl内部管理混乱等因素不谈，近期HENRY GLOBAL做的项目纷纷出现问题。最好的例子就是目前已经被移民局否定掉的南达科他州的电厂项目，如果我们的记忆没有错，当时HENRY GLOBAL的宣传是什么已开工项目，资金安全且筹措到位等等，但如今的结果是，200个投资人的I526都批不下来。而开发商也不愿意将募集到的资金拱手让出。最惨的是我们的EB-5投资人，报着良好的愿望，但不能拿到本该拿到的绿卡，而资金也被陷入官司的泥潭中久久不能退回。

这样的失败例子，只要出现一个，这家移民公司就应该摘牌。但中国的投资者很善良，仍然纵容这样不负责任的中介公司招摇过市。至于您，会如何做选择呢？
资料来源于 EB5INFO.COM
Northern Beef Packers facility in Aberdeen, South Dakota, late 2011
As we've seen with other EB-5 visa offerings, foreign and U.S. promoters rarely hesitate to portray projects positively before prospective EB-5 investors – whether there's anything positive to portray or not.
And despite the NBP project's history of liens, property tax delinquency, and multiple lawsuits over the last several years, the press it gets in China is, from what we can tell, quite favorable.
Brian Su of the Artisan Business Group, who assisted SDRC in promoting several offerings that include the NBP project, has called SDRC "one of the most solid regional centers in [the] Chinese market." Even the Office of the Governor of South Dakota sent officials to China to promote the effort and lend validity to the notion that NBP's new facility was a great opportunity.
The SDRC position
When it comes to the most recent lawsuit, SDRC principal Joop Bollen doesn't think the Henry Global-recruited plaintiffs have a case. He says that all essential information was disclosed to the investors in full and that it's Henry Global that wants SDRC to release additional information.
Seminar hosted by Henry Global Consulting Group
The way he sees it, Henry Global either wants to frighten SDRC into pressuring NBP to pay the disputed fees or it wants to destroy SDRC entirely in retaliation for its not receiving the commissions NBP can rightfully claim the promoter never earned. Either scenario, Bollen says, stems from the fact that Henry Global knows it can't go after NBP directly because it simply cannot make the case that it performed according to the agreement.
"I've been speaking to the limited partners," he said. "They don't know whether to trust me or Henry Global."
Seminar hosted by Henry Global Consulting Group
Bollen's chief concern is that a pending lawsuit could halt the flow of state and local dollars to the project, effectively putting progress at a standstill. "The state told us they would sit back and wait," he said. "I think they now understand that it's not a serious lawsuit. The biggest issue is that this could freeze the project by holding back the funding."
SDRC pays agents a commission of $30,000 per investor, which Bollen says is standard. He also says he was not party to the agreement NBP made with Henry Global. The agency is "simply attempting to destroy SDRC at any cost, even if that is at the expense of investors Henry Global recruited," he said.