Trump Owes Tens of Millions of Dollars to State-Owned Bank of China From Real-Estate Deal, Says Report
‘HIGHLY CONFLICTED’
Jamie Ross Reporter
Updated Apr. 24, 2020
President Trump’s re-election campaign recently attacked Joe Biden for being too close to China, insinuating there was some kind of murky financial link between Beijing and the former VP’s son Hunter. What the campaign hasn’t mentioned is that Trump himself reportedly owes tens of millions of dollars in debt to China—and it will have to be paid back in the middle of what could be Trump’s second term.
Politico reports the debt stems from 2012, when Trump’s real-estate partner refinanced New York City’s 1290 Avenue of the Americas skyscraper for almost $1 billion. The debt reportedly includes $211 million from the state-owned Bank of China.
Trump owns a 30 percent stake in the property, alongside main investor Vornado Realty Trust. Vornado’s financial disclosures reportedly show it, and Trump, are still indebted from the 2012 deal. Rep. Gerry Connolly (D-VA), a member of the House Oversight Committee, said: “[Trump] is highly conflicted with respect to China.”
Read it at Politico
http://www.thedailybeast.com/trump-owes-tens-of-millions-of-dollars-to-state-owned-bank-of-china-from-real-estate-deal-says-report?via=newsletter&source=CSAMedition
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