Trump Group, Aggressive Overseas Real Estate Investment... 49 Projects Underway

Expansion of Overseas Real Estate Business After 2021 Retirement
Some Projects Continued During Tenure
Promise Not to Pursue Private Gain Broken
"Similar Incident Repeated at Start of Second Term"

With the departure of former U.S. President Donald Trump, the family business, Trump Group, has accelerated its overseas expansion.

[Image source=Yonhap News]

The Wall Street Journal (WSJ) reported on the 5th (local time) that Trump Group has been aggressively expanding its overseas real estate market since 2021.

In 2021, they decided to build a second golf course in Scotland, UK, following the one established in 2012. At the end of 2022, they signed a $1.6 billion (approximately 2.1 trillion KRW) contract to build a golf course and resort in Oman through a joint venture with a Saudi Arabian real estate development company.

Currently, Trump Group is undertaking 49 projects, including at least 17 residential buildings, 12 golf courses, and 12 hotel development projects. While the group's operations are managed by former President Trump's eldest and second sons, the largest shareholder remains former President Trump himself.

Some critics argue that former President Trump did not properly fulfill his promise not to pursue private interests during his tenure.

Earlier, after being confirmed as the Republican presidential candidate in 2016, former President Trump promised that if elected, he would halt Trump Group's overseas business during his presidency. Consequently, real estate development plans in more than 10 countries, including Russia, China, Israel, Brazil, and Argentina, were canceled. However, projects in India, Indonesia, and Uruguay continued after his inauguration due to lawsuits and other reasons related to the suspension.

There are concerns that if former President Trump wins the upcoming November election and begins a second term, similar situations could recur.

Richard Painter, a lawyer who was the White House ethics official under the George W. Bush administration, said, "It is extremely dangerous for a person who can be influenced by foreign capital to become the U.S. president." He particularly questioned the overseas business expansion after leaving office, stating, "I wonder if the decisions Trump made during his presidency were considering future business possibilities."

In response, Trump Group maintained that it is not appropriate to impose legal and moral regulations applicable during the presidency on a former president who has returned to being a private citizen. Eric Trump, former President Trump's second son, retorted, "Our family, which has been in real estate for four generations, is supposed to just sit idly by?"

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