NYT Reveals Trump’s Previously Undisclosed Chinese Bank Account
The New York Times is reporting that President Donald Trump has pursued expansive business projects in China and maintains a previously unknown Chinese bank account that is not included in his public financial disclosures.
The Chinese account is controlled by Trump International Hotels Management L.L.C., which the tax records show paid $188,561 in taxes in China while pursuing licensing deals there from 2013 to 2015.
- The Times reported that Trump’s “tax records do not include details on how much money may have passed through the overseas accounts,” which along with China include Britain and Ireland.
- The British and Irish accounts are held by companies that operate Trump’s golf courses in Scotland and Ireland, which report millions in revenue from those countries, but Trump International Hotels Management reported only a few thousand dollars from China.
- It’s unclear which Chinese bank holds the accounts, per The Times, but “Until last year, China’s biggest state-controlled bank rented three floors in Trump Tower, a lucrative lease that drew accusations of a conflict of interest for the president.”
- Into the 2016 campaign, Trump was working with the State Grid Corporation, one of China’s largest government-controlled enterprises, on a deal that “would have involved licensing and managing a development in Beijing,” per The Times.
- However, that deal was abandoned when State Grid was caught up in a corruption investigation by Chinese authorities.
- The Times reported that in 2017, Trump International Hotels Management “reported an unusually large spike in revenue — some $17.5 million, more than the previous five years’ combined,” and Trump withdrew $15.1 million from the company’s capital account.
On the president’s public financial disclosures for that year, he reported the large revenue figure, and described it only as "management fees and other contract payments."
- The Times also noted that Trump sold a Manhattan penthouse not long after winning the 2016 election to Chinese-American businesswoman Xiao Yan Chen for $15.8 million.
- The unit, previously occupied by Jared Kushner and Ivanka Trump, was sold in an off-market transaction.
Ms. Chen runs an international consulting firm and reportedly has high-level connections to government and political elites in China.