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A New York real estate company owned by the family of Jared Kushner, President Donald Trump’s son-in-law and senior adviser, is negotiating a $400 million stake in its Fifth Avenue flagship skyscraper to a Chinese company with ties to that country's ruling party. The Chinese company, Anbang Insurance Group, plans to spend billions more to transform the 41-story tower at 666 Fifth Avenue into a condominium and retail hub. The deal would value the tower at $2.85 billion, the most ever for a single Manhattan building. The partnership will refinance $1.15 billion in existing mortgage debt, benefitting Kushner enormously even as he oversees the nation's foreign policy.

The deal would create a financial marriage between two powerful families in the world's biggest economies. Kushner Cos. declined to discuss details of the plan or name or name any potential investors or lenders, and a company spokesman, James Yolles, said that Jared Kushner sold his ownership stake in the building to family members to avoid conflicts of interest with his White House role.

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