New Delhi (Sandhya Jha Intern Journalist):
US President Donald Trump is seen trapped in his own trap. Trump has often said of his rival, Joe Biden, that if he held power, the US would be “occupied by China”.
But according to a shocking revelation, Trump himself is immersed in China’s debt. According to a report by Politico, Donald Trump’s real estate partner took a $ 1 billion (Rs 7,500 crore) loan for Trump’s prized building in New York in 2012. Of this $ 1 billion, $ 211 million (about Rs 1,600 crore) was borrowed from Bank of China, the first loan of its kind in the US and it would be matured in Trump’s second term if he were to be re-elected as US President.
Trump’s 30% stake in the building
In addition to Manhattan’s Trump Tower, the 43-story 1290 Avenue of the Americas skyscraper spans the entire block of the city. The property is worth more than $ 1 billion (Rs 7,500 crore) and Trump holds a 30% stake in it. This building is one of the most prized buildings of Trump.
Trumps surrounded after campaigning
In 2016, before and after the election campaign of Trump, there was a lot of talk about the ownership of this building. When the loan was taken from the Bank of China in 2012, no one noticed it. Trump’s relationship with the Bank of China made headlines when he claimed in his campaign that Joe Biden would be a gift to the US from the communist country and America’s main economic rival.
70% stake of Vornado Realty Trust
After Trump’s statement surfaced, Bank of China issued a statement on Friday evening stating that the building was sold a few weeks after the building was given a loan in 2012. The 70% stake in this building is owned by the Vornado Realty Trust.
Bank of China denied
Peter Reisman, Chief Communications Officer and MD, Bank of China USA said, “On November 7, 2012, several financial institutions, including Bank of China, had given a commercial mortgage loan of $ 95 million to the Vornado Realty Trust. Within 22 days, the loan was scrutinized and sold in the (Commercial Mortgage-Backed Securities) market. This usually happens in the industry. After November 2012, the Bank of China has no ownership of the loan.