Update: Politico Says It Got Trump Bank of China Loan Report Wrong Because Public Document Was ‘Inaccurate’
Editor’s note: A Cheat Sheet item that ran April 24 with the headline “Trump Owed Tens of Millions of Dollars to State-Owned Bank of China From Real-Estate Deal, Says Report” has been updated and corrected, based on new reporting by Politico that retracted that publication’s initial claim.
Politico on Tuesday further walked back its report last week that Donald Trump had a little-known real-estate loan to the state-owned Bank of China that was due 2022. In an editor’s note published Tuesday, the news site issued a correction stating that Wells Fargo confirmed that it was an error that Bank of China was listed as a creditor in a 2017 loan refinancing document on Trump’s 1290 Avenue of the Americas skyscraper in Manhattan.
The initial Politico report said Trump’s debt reportedly included $211 million from the state-owned Bank of China. Trump owns a 30 percent stake in the property, alongside main investor Vornado Realty Trust. After the initial Politico article was published Friday, the Bank of China issued a statement stating that it sold its debt on the building weeks after the 2012 loan on the property. It described a 2017 document which listed it as a creditor on the property as a “technical error.”