Recognizing China's contribution to US economy

Updated: 2014-02-11 23:17

(China Daily)

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Linda He, CEO and president of one of the largest Chinese investment immigration consultancies was recently awarded a Certificate of Recognition from the City of Cleveland for her contribution to the local economy, according to the consultancy's press release.

Under He's leadership, Wailian Overseas Consulting Group has helped to raise about $90 million in capital for local projects through a partnership with the Cleveland International Fund, a private equity fund and EB-5 Regional Center, over the past few years.

"I am deeply honored to receive this award," He said in a press release. "This Certificate of Recognition is not only a reflection of my personal work, but a recognition of Wailian's growth in recent years."

The EB-5 projects in Cleveland He has worked on — including the Ernest & Young office building and University Hospital — have generated about 2,000 new jobs, He told China Daily.

The EB-5 Program was created to stimulate the US economy through job creation and foreign investment. With a minimum investment of $1 million (or $500,000 in low employment or rural areas), an EB-5 investor must not only create but also preserve at least 10 full-time jobs through the project. In return, the investor is eligible for permanent US residency.

Currently about 80 percent of EB-5 investors are Chinese, a number that has surged in recent years, according to immigration lawyers.

"We're glad to see that we have not only assisted our clients in selecting the best investment opportunities, but also created thousands of jobs that help boost the economy in the city of Cleveland," He said.

Based in China, He frequently travels to the US to bring Chinese investment to the US and introduce US projects to investors back home. Serving Wailian for more than 10 years, she helped a variety of US companies and local governments raise funds. The scope of her influence has reached far beyond Cleveland.

"We have helped raise funds for many successful projects including the Lionsgate project, the Comcast headquarters project and many others helping build state of the art hospitals, assisted-living facilities, factories, restaurants, schools and other buildings and projects that help improve the quality of life in communities across the US," she said.

In addition, she said she is dedicated to community work that helps Chinese immigrants adapt to the life in the US.

"For example, in Los Angeles we've hosted a qipao (traditional Chinese dress) party, helped immigrants get their children internships at renowned companies and we've even brought people to a Lakers game," said He. "I want them to get a closer experience in local culture and lifestyle."

Regarding the award, He said although she would like to keep a low profile about it, her attendance at the Grammy Awards in January changed her mind.

"The fact that I didn't see any Chinese people other than (pianist) Lang Lang made me realize that overseas Chinese are still far from the mainstream society in the US," she said.

"I hope my acceptance of the award will make more people realize how much Chinese entrepreneurs have helped the US economy," He added.

Maintaining a hectic schedule, He attributed her accomplishments to her team and those who helped her company.

"We have around 300 people at Wailian, so it's all teamwork," she said. "We have received generous assistance from many US professionals including business advisors, attorneys and a host of others. I would like to thank them all for their dedication and service."

Zhang Yang contributed to this report and can be reached at yangzhang@chinadailyusa.com.

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