NBA China News: Sacramento Kings Invite Chinese Sponsors to Help Fund Team's New Arena

Nov 24, 2015 05:00 AM EST

(Photo : Getty Images) Current Sacramento Kings home court Sleep Train Arena is reportedly going to be replaced by the Golden 1 Center upon its completion. The Kings' franchise has invited Chinese investors to help them finance the project as part of the United States' EB-5 immigrant investment program.

National Basketball Association franchise Sacramento Kings has recently invited Chinese investors to help them build the team's proposed new arena, the Golden 1 Center, as part of the United States' EB-5 immigrant investment program.

China Daily reported that upon completion of the "Golden 1 Center mixed development plan", the new stadium will replace Sleep Train Arena as the Kings' new NBA home court. The project, which is intended to open in October next year, will also include a "luxury retail, hospitality, and residences" section.

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"This is the first time that an area combined with surrounding mixed-use development has been offered as a prime EB-5 investment opportunity," Golden Gate Global CEO Ginny Fang said.

The EB-5 investment scheme is run by the US Citizenship and Immigration Service and the agency awards the EB-5 Visa to foreign nationals who invest money in the United States.

To be eligible, an investor must finance $1 million, or at least $500,000 in a Targeted Employment Area, and the project must create a minimum of 10 new permanent jobs for American citizens.

Initially, the program requires the foreign investor to build a completely new commercial venture, but it has been amended after the pilot program was completed.

Currently, the stadium is being constructed through the partnership of the Kings' franchise and JMA Ventures, a real estate investment firm based in San Francisco, California.

The Asia Times noted that while the EB-5 program is "open to all foreign investors", over 80% of all the visas granted so far were to Chinese businessmen, which is why the primary target market of this investment opportunity are the cities of mainland China, namely Beijing, Shanghai, Shenyang, and Dalian.

"The job creation in this project is tremendous and will assist EB-5 investors to achieve their goals of granting access to educational and career opportunities for their families," said JMA Ventures president and CEO Todd Chapman.

TagsChina NBA news, China sports news 2015, sacramento kings, Golden 1 Center