Trump Faces Setback in Office Building Sale Following Washington Hotel Deal

[Image source=Yonhap News]

[Asia Economy Reporter Changhwan Lee] It has been reported that the real estate sales efforts of companies owned by U.S. President Donald Trump are facing successive setbacks.

The Wall Street Journal (WSJ) reported on the 20th (local time) that Bonado Realty, a business partner of the Trump Group, has put on hold the sale procedures for two office buildings in San Francisco and New York. These office buildings are jointly owned by Bonado and the Trump Group.

According to WSJ, Bonado wants to sell the two buildings for $5 billion. However, there are no prospective buyers offering similar prices.

The commercial real estate markets in New York, San Francisco, and other areas have been hit by the impact of the novel coronavirus disease (COVID-19).

WSJ also reported that not only the high price but also the fact that the buildings are owned in part by the sitting president are obstacles to the sale. Accordingly, Bonado plans to suspend the sales process and refinance the loans on the buildings, WSJ said.

Separately, since October last year, the Trump Group has been attempting to sell the long-term leasehold of the Trump International Hotel in Washington DC, but when no buyers appeared at the desired price range, the sales efforts were also halted. This has led to speculation that President Trump may face financial difficulties after leaving office.

This content was produced with the assistance of AI translation services.