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US President Donald Trump has received loans from China’s state-owned Bank of China, according to a report.
Politico reported on Saturday that Trump has taken on debt in his dealings with the Chinese bank.
In 2012, Trump’s real estate partner refinanced the 43-story 1290 Avenue of the Americas skyscraper, which spans an entire city block and is just steps from Trump Tower in Manhattan, by securing a huge loan from the Bank of China.
Said to be one of Trump’s most prized New York buildings at an estimated worth of about $1 billion, the building was used as collateral to secure $211 million debt with the Chinese bank.
Trump owns a 30 percent stake in the property.
Politico says America’s skyscraper debt is just one of many of the Trump family’s close ties with the Chinese.
Chinese state-owned companies, Politico noted, were building two luxury Trump developments in the United Arab Emirates (UAE) as well as Indonesia.
Trump and his daughter Ivanka, who is his White House adviser, have been awarded trademarks by China’s government, and his son-in-law, Jared Kushner, has courted Chinese investors in at least one other real estate development project.
Even the president’s granddaughter, Arabella, displayed the family’s love for China by singing in Mandarin and reciting classical Chinese poetry during the president’s official visit to the country in 2017. Reports say all three of Ivanka’s children studied Chinese.
