On January 14, 2014, two investors in Phase I of the U.S. EB-5 Canfor Wood project received I-526 approval from the U.S. Citizenship and Immigration Services (USCIS). It is anticipated that other applicants who selected the Canfor Wood project will receive their I-526 approval notices in due course. In May 2013, Worldway Immigration, serving as a strategic partner for the project, participated in its promotion. Due to the project's numerous advantages, it became highly sought after, and some investors who were unable to secure a spot had to pivot to other EB-5 projects offered by Worldway.
Furthermore, funds from EB-5 investors in the Canfor Wood project account for only 40% of the total investment, providing a significant safety margin. The EB-5 loan holds a first-priority lien on all project assets, including real estate (properties and equipment), with a total value reaching more than double the loan amount.
In addition, regarding the employment creation that investors are concerned about, the project is estimated to generate over 2,300 jobs based on the renowned RIMS II economic model, which is 130% higher than the requirement set by the USCIS. More importantly, as an industrial enterprise, the jobs created are likely to be viewed more favorably by U.S. authorities. Compared to jobs created through capital or leasing, these are more reliable, and the USCIS is expected to process related applications more efficiently, providing a significant advantage in the competition for immigration quotas.
With the healthy recovery of the U.S. economy and real estate market, following the successful construction of the Phase I Florida processing center, the world-renowned forestry giant, Canfor Corporation, has commenced construction on the Phase II U.S. expansion project in North Carolina. This marks the implementation of the second step of Canfor's U.S. construction plan.
In October 2013, the Canfor U.S. expansion project officially selected Enfield, Halifax County, North Carolina, as the site for the Phase II project and officially began construction. It is reported that the project site is located in one of the famous Southern Yellow Pine production areas in the United States, with abundant forest resources. The site is adjacent to the I-95 interstate highway, which runs north-south through the United States, offering very convenient transportation. The total investment for the Canfor U.S. expansion center in North Carolina is approximately $140 million, covering 400 acres, with an 18-month construction period and 6 months for equipment installation and commissioning, allowing for production to begin within a year and a half.
