US President Donald Trump with his Chinese-speaking grandchildren
US President Donald Trump has received loans from Chinas 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, Trumps 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 huge loan from the Bank of China.
Said to be one of Trumps 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 the Americas skyscraper debt is just one of many of the Trump familys close ties with the Chinese.
Chinese state-owned companies, Politico noted, were building two luxury Trump developments in United Arab Emirates (UAE) as well as Indonesia.
Trump and his daughter Ivanka, who is his White House adviser, have been awarded trademarks by the Chinas government and his son-in-law, Jared Kushner, has courted Chinese investors in at least one other real estate development project.
Even the presidents grand daughter,Arabella, displayed the familys love for China by singing in Mandarin and reciting classical Chinese poetry during the presidents official visit to the country in 2017. Reports say all three of Ivankas children studied Chinese.
SOURCE: PRESS TV
LINK: https://www.ansarpress.com/english/16368
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