WSJ article The Trump Organization, a real estate company that is already embroiled in controversy, has begun to work with Goldman, a major player in the Chinese real estate market, to develop the Trump brand in China.
The Trump International Hotel and Tower Shanghai was supposed to open in 2020, but was delayed due to a lack of approvals.
“I have to be clear: Goldman Sachs is not the one making this decision, but I am confident that this decision will be beneficial for our brand and our customers in China,” Trump International president Michael Cohen told reporters at the company’s annual shareholders meeting in New York.
Goldman Sachs was a major investor in Trump’s successful 2016 presidential bid, and has a significant stake in the Trump hotel project.
The company, which also owns other properties, was instrumental in helping Trump secure a tax break from the Chinese government to build the Trump International Tower, and also helped Trump’s business partners in the hotel project to get the building approved.
Goldman has also worked with Trump on other properties in the United States, including the Trump Tower and Mar-a-Lago resort in Florida.
Goldman’s ties to Trump have come under scrutiny recently.
A recent report by the House Oversight Committee found that the firm had been a major contributor to Trump’s presidential campaign.
Goldman CEO Lloyd Blankfein told lawmakers in September that the company would work with the Trump administration to help “develop” a Trump hotel in China and a new Trump golf course in Scotland.
The report found that Trump’s campaign gave Goldman a $500,000 grant to help build the hotel.