Chinese investment in Kushner property in Manhattan called off

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NEW YORK — Talks with a Chinese company seeking a stake in a Fifth Avenue skyscraper owned by the family of Jared Kushner are over.

Negotiations with Anbang Insurance to help fund redevelopment of the Kushner Companies’ struggling office tower on Manhattan’s Fifth Ave. had drawn criticism from lawmakers and government ethics experts. They saw the deal as a potential attempt by China to curry favor with the White House. The investment would have been worth over $400 million.

A spokesman for Kushner Companies told CNNMoney the two firms had “mutually agreed” to end talks, and added that Kusher Companies was in “advanced negotiations” with other potential investors.

Jared Kushner is President Donald Trump’s son-in-law and a senior adviser. He has sold stakes in several companies, including 666 Fifth Ave., to help allay concerns about conflicts of interest.

Kushner Cos. bought the property in 2007 for a reported $1.8 billion when Jared Kushner was running the company. The company struggled during the financial crisis under debt taken on for the purchase.