✅ Fact-checked    

“Trump owes tens of millions of dollars to the Bank of China”

“Trump owes tens of millions of dollars to the Bank of China”

That was the article in Politico. In the British Daily Mail, the headline is even bolder: “The business empire of Donald Trump owes 211 billion dollars to the state-controlled Bank of China — and was the first American company to receive a loan from a bank controlled by the Communist Party.” Interestingly, the text speaks of only 211 million.

We are talking about the fact that in 2012, the Bank of China participated in a loan for the renovation of an office building in New York (1290 Avenue of the Americas, pictured). Trump Organization owns a 30% stake in this building.

The emphasis in both articles is on the fact that this fact weakens Trump's position in competition with Biden. Trump accuses the latter of weakness in relation to China, and here such a thing — he is anointed!

However, the Bank of China did not go to lenders for very long: “For 22 days, the loan was securitized and sold on the market [commercial mortgage-backed securities], which is common practice in the industry. The Bank of China has not had a share in this loan since the end of November 2012. “

Following claims, Politico changed the title to “Trump owed tens of millions of dollars to the Bank of China.” However, this is a lie. The loan was taken by another real estate company, Vornado Realty Trust, which is now the main owner of the building. But Trump received his share only in 2016 as a result of a lawsuit against a Hong Kong counterpart, and, accordingly, had nothing to do with this loan.

Views: 388

Add a comment!

Your name:
Your Email:
  • bowtiesmilelaughingblushsmileyrelaxedsmirk
The code:
Enter a code: