The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Two of China’s New York power players are pulling back from Trump — Trump Tower, that is.
First, a big Chinese conglomerate, HNA Group Co, moved to sell a Manhattan office tower four blocks from Trump Tower after US authorities raised national security concerns. A deal has finally been cut. Now, China’s biggest bank, Industrial & Commercial Bank of China Ltd, plans to reduce its space in Trump Tower when its lease runs out in October, people with knowledge of the matter said, creating a potential headache for the Trump Organization.
The developments — seemingly unrelated — underscore the delicate dance that companies foreign and domestic have faced in dealing with America’s businessman president. Donald Trump spent much of his time as a candidate criticising China, saying the country has taken advantage of the US through unfair agreements. Since taking office two years ago, Trump ignited a trade conflict with the country, rolling out tariffs and threatening additional levies, while also holding ongoing talks with Chinese President Xi Jinping.
China’s ICBC, a state-controlled enterprise and the world’s largest lender by assets, is one of Trump Tower’s largest office tenants, along with the Trump Organization, the president’s family company. The lender occupies space on three floors in the Fifth Avenue building, where it has a bank branch and about 100 employees. It plans a substantial withdrawal from the building, while retaining one floor for executive offices, according to the people.
ICBC has leased space at another midtown Manhattan building, where it will consolidate its New York locations, said the people, who asked not to be identified because the plans aren’t public.
Amanda Miller, a spokeswoman for the Trump Organization, didn’t respond to requests for comment. ICBC representatives didn’t respond after regular business hours in Beijing.