Kushner Companies, the real-estate developer owned by the family of Jared Kushner Jared Corey KushnerAbraham Accords: New hope for peace in Middle East Tenants in Kushner building file lawsuit alleging dangerous living conditions Trump hosts Israel, UAE, Bahrain for historic signing MORE, is set to make $400 million off a deal with the China-based Anbang Insurance Group, Bloomberg reported on Monday.

The New York Times first reported in January that Jared Kushner, who serves as a senior adviser to President Trump Donald John TrumpBarr criticizes DOJ in speech declaring all agency power 'is invested in the attorney general' Military leaders asked about using heat ray on protesters outside White House: report Powell warns failure to reach COVID-19 deal could 'scar and damage' economy MORE and is married to Trump's oldest daughter, Ivanka, was pursuing the deal with Anbang to invest in a building at 666 Fifth Ave. in Manhattan. A spokeswoman for Kushner at the time said Kushner planned to sell his stake in the property.

The Kushners' company would not reveal details of the deal to Bloomberg and said it has not been completed.

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A spokesman did tell the news outlet that Kushner sold his share in the building.

“Kushner Companies has taken significant steps to avoid potential conflicts and will continue to do so," said James Yolles in a statement.

The partnership between the Kushner family company and Anbang is also looking for additional investors through the EB-5 visa program, which provides two-year visas and a track to permanent residency in the United States for foreign nationals who invest at least $500,000.

A White House spokesman told Bloomberg that Kushner will recuse himself from subjects such as the EB-5 visa program.

An Anbang spokesman stressed the company's transparency and compliance with regulatory requirements.

“Anbang is a highly transparent company that operates in accordance to the standards of public companies and strictly abides by applicable regulatory requirements,” Tim Ragones told Bloomberg in a statement.

News of the deal comes after a report that Trump will host Chinese President Xi Jinping at his Mar-a-Lago residence in Palm Beach, Fla. next month.