September 27, Worldway Beijing held a briefing on the Third Street redevelopment project in Las Vegas in response to numerous inquiries from clients interested in U.S. investment immigration. Mr. Reed Weily, Chief Operating Officer of the project, along with Mr. Sam Lin, Director of the Asian Market, and Mr. Justin Gardinie, Vice President of CIM Group, were invited to attend the event. Many investors participated and showed great interest in the Third Street project.
At the meeting, Mr. Reed Weily introduced that the project includes the redevelopment of the entire block in Las Vegas, including casinos, bar streets, retail areas, etc. Upon completion, it will create 3,267 jobs, which is very favorable for investors in terms of removing conditions for their green cards. He also brought the latest news: the hotel and casino parts of the project will be operational within two months, and the biggest advantage is that it does not require EB-5 funding; it can be initiated with the developer's own funds. Since some areas are under construction, they are already hiring workers, approximately recruiting 800, and the project is creating jobs every day.
Mr. Reed Weily summarized the four key highlights of the Third Street project: First, the project uses the RIMS2 employment calculation model, creating a total of 3,267 jobs. It raised $120 million, with 240 investors required to create 2,400 jobs. The project has a surplus employment creation rate of 36%-40%, which provides significant assurance for investors' I-829 removal of conditions for obtaining green cards. Second, the project developer, CIM Group, is a private real estate development company ranked 27th globally in the 2012 PRE list. Over the past 20 years, it has completed or is in the process of completing over 120 successful projects, including the California Public Employees' Retirement Fund ranked 6th in the world and the California Teachers' Retirement Fund ranked 12th in the world, all invested in CIM funds, demonstrating substantial strength. Third, as of the end of 2012, the developer has invested $170 million in cash without any third-party or bank loans, which is also the reason why the project can grant the first priority mortgage to investors. Fourth, Mr. Reed Weily presented the project completion guarantee and emphasized that if the project cannot be completed on time, even if it fails to raise $120 million from 240 investors, the remaining funds will be provided by CIM Group to ensure completion, fully guaranteeing the return of principal for future investors' I-829 applications.
Subsequently, Mr. Reed Weily and senior project analysts from Worldway provided detailed and in-depth answers to clients' questions regarding funding structure, bridge financing, feasibility of employment analysis reports, completion timelines, and repayment. Clients on-site expressed great interest in the high-quality Third Street project and requested one-on-one communication with senior consultants from Worldway, with some clients immediately paying a deposit to secure their spots.
