Jared Kushner and Ivanka Trump
White House Senior Advisor Jared Kushner, his wife Ivanka Trump and their children Arabella (left to right), Joseph and Theodore arrive aboard Air Force One, returning to Washington with President Donald Trump from a weekend in Florida, at Joint Base Andrews, Maryland, March 5, 2017. Reuters

The real estate company owned by President Donald Trump's son-in-law, Jared Kushner, has bagged more than $400 million deal with Chinese company Anbang Insurance Group. The prominent Chinese firm will invest in the Kushners’ marquee Manhattan office tower at 666 Fifth Avenue, reported Bloomberg Monday.

In 2007, at the age of 26 years, Kushner had bought 666 Fifth Avenue for what was then a record-setting $1.8 billion.

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The transaction of the deal between the Kushners and the Chinese firm, is being termed as “unusually favorable" for the Kushners as the Manhattan tower has struggled financially and the family's company retains an equity stake in the partnership. According to the terms of the deal, a mortgage owed by the Kushners will also be reduced to a fifth of the current amount, Bloomberg reported.

It’s unclear whether the deal could initiate a federal review, similar to when Anbang bought the Waldorf Astoria Hotel in Manhattan. Anbang could face a review by the Chinese government, which has been pressing to stop overseas investments and which has a range of pending issues with the Trump administration.

The talks for this deal had started last year when Jared Kushner had met Wu Xiaohui, the chairman of Anbang Insurance Group. "The Anbang talks, which have not previously been reported, began roughly six months ago — “Well before the president-elect’s victory,” Jared Kushner’s spokeswoman, Risa Heller, had said, the New York Times had reported in January.

The proposed partnership is also seeking additional investors through a controversial federal program, EB-5, which rewards wealthy foreign investors with green cards. A White House spokesman told Bloomberg that Kushner will recuse himself from subjects such as the EB-5 visa program.

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, Florida, next month.