A Chinese company with ownership ties to some of the Communist Party’s leading families has ended talks to invest billions of dollars in a Manhattan office tower owned by the family of Jared Kushner, President Trump’s son-in-law and a senior White House aide.

The Chinese financial conglomerate, Anbang Insurance Group, and the Kushner Companies “mutually agreed to end talks regarding the property,” a Kushner Companies spokesman said in an emailed statement on Wednesday. The development came days after Democratic lawmakers wrote letters to the Office of White House Counsel and Treasury Secretary, expressing concern that the possible deal could breach federal ethics rules, and as Mr. Trump is preparing to meet Xi Jinping, China’s president, for their first summit at Mr. Trump’s Mar-a-Lago resort in Florida.

The possible $4-billion deal between the two companies, first reported by The New York Times in January, would have paired a company led by a man who married the granddaughter of China’s late paramount leader, Deng Xiaoping, with the family company of Mr. Kushner, a principal White House adviser on foreign affairs, including China policy.

Any deal faced headwinds on both sides of the Pacific Ocean. In the United States, it was subject to increasing scrutiny by lawmakers, who also called on the government committee that reviews overseas investment to scrutinize the agreement for possible national security issues. In China, government regulators are trying to stanch the loss of foreign exchange reserves, and are wary of signing off on multibillion dollar deals in industries, such as commercial real estate, not deemed to have strategic value.