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300 green card-seeking Chinese fund giant NY Ferris wheel

07/24/2015| 2:43:19 PM|

To date the New York Wheel has raised over $170 million from 300 Chinese investors hoping for U.S. green cards.

Chinese investors hoping for U.S. green cards are helping New York build one of the biggest Ferris wheels in the world.

Staten Island ferris wheel

The wheel, under construction on Staten Island, will stand 630 feet high when it's completed in two years, according to Travis Noyes, chief marketing officer at New York Wheel, the firm developing it reported CNN. Its 36 pods will hold about 40 people each, offering views of the New York skyline during a rotation.

The idea is to get tourists on Staten Island and spend money on the island itself. The wheel will cost US$35 per person to ride and is just one attraction at the site, which will also include an outlet mall, hotel and restaurants.

The wheel will cost over $500 million to build and as such the developers have turned to foreign investors. The U.S. government issues green cards to foreigners in exchange for job-creating investments in the United States. To date the New York Wheel has raised over $170 million from 300 Chinese investors. 

According to Noyes, temporary immigrant visas are expected to be issued to the Chinese investors and their families within the year after which they will be eligible for U.S. citizenship. Chinese make up the third largest group of foreign tourists to New York,behind the British and Brazilians.

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TAGS: New York City | USA | Chinese tourism
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