Days after the company was pitching green cards to prospective wealthy Chinese investors in a Jersey City project, Kushner Cos., owned by the family of presidential senior adviser Jared Kushner, has abandoned its plans to develop another Jersey City parcel.

Jersey City and Honeywell, which both own the land, are converting Honeywell's former industrial space into "waterfront community" called Bayfront with "new housing, office, and retail uses." According to Bloomberg News:

...Kushner Cos. had been the leading bidder for the 95-acre formerly contaminated site known as Bayfront, which is co-owned by Honeywell and Jersey City, city officials said. The company had submitted plans to build as many as 8,100 housing units to be marketed to Orthodox Jewish residents of the Williamsburg section of Brooklyn who are being priced out of that neighborhood.

Last fall, the Kushners bid about $150 million, tens of millions higher than competitors, according to people involved in the negotiations. Honeywell heard from others who would only make an offer once the environmental approvals for the cleaned-up site were final. So the bidding is scheduled to reopen later this year and Kushner Cos. had been expected to continue in the process, the people said.

A Kushner Cos. spokesman told Bloomberg News that the company wasn't "pursuing the project. He wouldn’t elaborate or explain" beyond saying, "A decision was made late last year not to pursue the project because the company was not persuaded by the economics of the deal."

Jared Kushner divested himself from his family's real estate company to accept the White House role working for his father-in-law, President Donald Trump. However, some ethics watchdogs feel that isn't enough.

Over the weekend, Kushner's sister Nicole Meyer was in Beijing to promote Kushner Cos.' Journal Square project in Jersey City. The NY Times reports that the company was looking to raise $150 million in financing from the "more than 100 Chinese investors gathered at the Ritz-Carlton Hotel in Beijing. The money would be provided through a much-criticized government program known as EB-5 that awards foreign investors a path to citizenship in exchange for investments of at least $500,000 in American development projects."

Speaking in a ballroom, Ms. Meyer said the project “means a lot to me and my entire family.” She mentioned her brother’s service as chief executive of Kushner Companies, the family business from which he resigned in January, saying he had left to serve in the Trump administration.

The project was advertised to Chinese investors as the latest offering from the “star Kushner real estate family.” The project, which includes two towers, 1,476 luxury apartments and even a medical center for pets, was promoted as “Kushner 1.” Construction is scheduled to begin in early 2018.

The Washington Post noticed the tagline for the event's brocure was "Invest $500,000 and immigrate to the United States."

Richard Painter, who was an ethics lawyer for President George W. Bush, told Business Insider that the presentation to Chinese investors was "obviously completely inappropriate" and even "if Jared wasn't involved, he's got family members running around using his name to solicit money," he said. "And this is coming very, very close to solicitation of a bribe. I mean, they're asking for money to be paid to a government official in return for — they're promising favorable treatment on a visa. And then they're putting pictures up there of Donald Trump, and they're talking about how he works in the White House."

Kushner Cos. said that Meyer was apologetic "if that mention of her brother was in any way interpreted as an attempt to lure investors. That was not Ms. Meyer’s intention," and also referred to the presentation slide with the president, "The image was part of a presentation by the event’s organizers. Kushner Companies had nothing to do with it."

After news reports of the Chinese presentation started circulating, Jersey City Mayor Steven Fulop said, "Last week, the developer of this project submitted an application to Jersey City for a tax subsidy and abatement on this property. The administration made clear to the applicant that the city is not supportive of their request and while the law requires a first reading ordinance vote if they submit an application, I don't foresee the council voting in favor. I know for certain I have made my feelings clear here on this project and what I feel works best for Jersey City. This tax abatement application doesn't work for us."

A Kushner Cos. spokesperson said in a statement to the Times, "Our current proposal for One Journal Square would provide 4,000 sorely needed union jobs and $180 million in tax revenue for Jersey City over the next 30 years. Earlier this year, we looked at the market and decided on a more conventional project, which we think strengthened our proposal. We are committed to moving ahead with this meaningful investment in the long-term future of Journal Square."

One Journal Square apparently lost a major tenant, WeWork, and $59 million of the tax breaks was associated with WeWork's involvement.