Donald Trump’s contacts with Chinese banks

Alan Garten, attorney for the Trump Organization, said the site was opened in China “to explore the potential for hotel offerings in Asia.” At the time, the account was only used to pay the local taxes that were due for the office. “There was never any business, transaction or other business activity, and the office has been inactive since 2015,” Garten said. “Although the bank account remains open, it has never been used for any other purpose. Garten did not want to reveal at which institute the account is held. The Trump Organization undoubtedly has contacts with Chinese banks, as the largest state-controlled bank in China rented three floors in Trump Tower in New York until last year. At lucrative prices.

The New York Times has also received additional evidence from Trump’s tax files that show that Trump tried to do business in the Chinese market. He is said to have registered trademarks in China since 2006, and many approvals were only received after he was president. In 2008, Trump is said to have initiated a major project in Guangzhou in which he wanted to build office towers, which never really got off the ground. In 2012 he made another attempt. Tax records show that one of Trump’s China affiliates, THC China Development L.L.C., claimed deductions of $ 84,000 for travel, legal and office expenses this year. Trump partnered with the State Grid Corporation, one of the largest Chinese state-controlled companies. Business relationships are said to have continued for months after Trump’s first presidential campaigns, but were abandoned because of corruption investigations by the Chinese authorities at State Grid.

Donald Trump’s deals in China

How much money Trump put into his ventures cannot be precisely determined. According to the records available to the New York Times, he is said to have invested at least $ 192,000 in five small companies that were founded only for his projects in China. Overall, these companies have claimed $ 97,400 in expenses since 2010. Instead of Trump himself, “Trump International Hotels Management” is closely linked to the Chinese economy. Deductible expenses are reported annually, and the company usually reports a few million US dollars. In 2017, however, there was an unusually high increase in reported sales: 17.5 million US dollars, more than in the last five years combined. The high income is said to have come from “management fees” and “contract payments”, as the president announced in his public financial statements. In fact, this year the Trump Organization sold the management contract for the SoHo hotel in New York, which is said to have raised about $ 6 million, according to service company Bloomberg. This sale is believed to have generated a significant portion of the company’s 2017 revenue. The rest of the difference is not related to China, said Garten. During the same period, Trump withdrew $ 15.1 million from the company’s account.
Donald Trump is connected to Chinese investors worldwide

Outside of Asia, Trump is more successful with Chinese business people. Numerous Chinese investors bought Trump hotels and towers in Las Vegas, Vancouver and British Columbia. However, these “deals” did not always go smoothly. The Federal Bureau of Investigation (FBI) is said to have intervened. There is talk of the wrong use of office addresses, but what became of the investigation is not known. Shortly after Trump was elected US President in 2016, he said he sold a penthouse to a Chinese businesswoman for 15.8. Her name is Xiao Yan Chen, she runs an international consulting firm and is supposed to cultivate connections to high-ranking elites in China’s government. Trump apparently has close ties to some Chinese business people, makes money there and had plans to expand his influence in the Far East even further. As president, he still acts against China again and again. Maybe Donald Trump differentiates very precisely between politics and his own “deals”.

 

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