New details have emerged of Donald Trump's business connections with Chinese state-owned firms, complicating his campaign strategy of portraying Joe Biden as weak on China. The US president has a 30% stake in a Manhattan office tower that was refinanced in 2012 with $211m from the state-owned Bank of China, according to Politico.
The Bank of China has clarified that it sold the loan on the commercial mortgage-backed securities market less than a month later, meaning Trump was not indirectly indebted to the bank. A spokesperson said the loan was securitised and sold within 22 days, a common industry practice.
Trump has sought to make Beijing a key election issue, warning at a briefing on Saturday that “China will own the United States” if Biden wins in November. However, his own business empire has multiple dealings with Chinese state-owned entities. A Chinese state-owned construction firm is helping build the Trump World Golf Club in Dubai, and Beijing has granted trademarks to his daughter Ivanka. Jared Kushner, Trump's son-in-law and adviser, has also sought Chinese finance for property deals.
The president is a passive minority investor in the 1290 Avenue of the Americas tower, with Vornado Realty Trust owning the majority 70% stake. The White House and Trump Organization declined to comment. Trump has officially ceded day-to-day control of his business to his sons but continues to benefit financially, creating conflict-of-interest concerns. The Trump Organization recently applied for government coronavirus compensation.
Trump's stance on China has fluctuated between confrontational and flattering. In January, he praised President Xi Jinping for transparency in the early days of the pandemic, tweeting: “China has been working very hard to contain the Coronavirus. The United States greatly appreciates their efforts and transparency.”
