Chinese Building U.S. Highways

The San Francisco Telegraph - Breaking News, World News & Multimedia


 

Chinese Building U.S. Highways


The Chinese have been helping to building U.S. roads, railroads and infrastructure for almost 200 years.

But this time things are different. This generation of Chinese are not wielding pickaxes and shovels or carrying heavy loads. They are providing the funding.

The Pennsylvania Turnpike Commission has wanted to develop an interchange with Interstate 95 for years. Like most states, infrastructure and highway repair and development funds are running on empty. The solution to their problem was to heed the advice from the movie, Jerry Maguire, “Follow the money.” The money is in China. In a marketing campaign that began in early September 2014, the Commission has been able to round up 25% of the 400 EB-5 investors that they will need to fund $200 million of the $420 million project. With a 2.0% annual interest rate, not only will these funds help the Commission to build the intersection, but the commission will save and estimated $35 million versus funding via traditional routes.

Construction on the project began in October. The first $50 million installment of EB-5 funds is slated to be paid to the Commission in April 2015.