Donald Trump has a share in a New York property development that borrowed tens of millions of dollars from China, it was reported on Friday. The debt derived from a 30% share the US president owns in a billion-dollar building on the Avenue of the Americas in Manhattan, which was refinanced in 2012 with $211m of the funding coming from the state-owned Bank of China, Politico reported on Friday.
However, the Bank of China said it had sold the loan in the commercial mortgage-backed securities (CMBS) market less than a month after the loan was made, and so Trump was not even indirectly indebted to the bank. But the Trump Organisation’s far-flung real estate business has involved dealings with Chinese state-owned firms on several occasions, complicating Trump’s emerging election strategy of portraying his Democratic opponent, Joe Biden, as being soft on China. In a briefing on Saturday, Trump said that “China will own the United States” if Biden was elected in November.