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Trump owed millions to Bank of China

by Madison Dibble | April 24, 2020 10:36 AM | Updated Apr 24, 2020, 07:58 PM

So what was the update?

After initially reporting that Trump stills owes the Bank of China, Politico updated its report on Saturday with feedback from the state-owned bank, which stated that it sold its debt on the property weeks after the 2012 loan.

“On November 7, 2012 several financial institutions including the Bank of China participated in a commercial mortgage loan of $950 million to Vornado Realty Trust. Within 22 days, the loan was securitized and sold into the CMBS market, as is a common practice in the industry. Bank of China has not had any ownership interest in that loan since late November 2012," a spokesperson for Bank of China USA told the Washington Examiner in response to the report.

Maybe Politico should reach out to Bank of China on details before running a misinformation campaign. Modern journalism fails again.