Chinese EB-5 investors turn to WeChat to correct “information imbalance” — and group together to sue

EB-5 News

Date

May 09, 2019

Category

Commentary

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The Chinese love their social media — and not just for sharing cute pictures of pets. Chinese EB-5 green card investors are turning in droves to messaging app WeChat to find program information, vent their frustrations — and, in many cases, find strength in numbers so they can file a lawsuit. Apparently, there are hundreds of EB-5 WeChat groups, many dedicated to specific projects. As regional centers don’t share investor lists, WeChat is a way for disgruntled investors to find co-investors in their project. Yet for all the apparent unity the social media platform seems to give investors, one lawyer comments that in many cases a lack of a designated spokesperson makes it harder for these groups to present compelling cases. There is also speculation that the anonymous nature of the app might allow members of unscrupulous third parties to mask their identity and infiltrate such groups. It has also attracted self-serving lawyers looking for uniformed investors. And a lack of information is a serious problem for many of these WeChat users. One such person says this of the big players in the industry: “They’re just making money off of an information imbalance. It’s our fault for being lazy and stupid.” See The Real Deal story

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