Real estate, hotel, golf course giant
Earlier this week, Hung Yen provincial leaders worked with senior leaders of The Trump Organization – the family corporation of former US President Donald Trump. This corporation wants to cooperate and invest in Hung Yen in the fields of hotel construction, golf courses and entertainment complexes.
Trump Organization is a multi-industry private corporation, operating in many fields, including real estate, hotels, golf courses, entertainment, asset management...
The group was founded in 1927 and initially operated primarily in construction and real estate development in New York.
In 1971, Mr. Donald Trump took over the corporation and expanded its operations into many other fields, including hotels, golf courses, entertainment, property management, brokerage, marketing, etc.
After Donald Trump took over, the Trump Organization had its first famous project, the Grand Hyatt New York in 1980, which was renovated from the Commodore Hotel in Manhattan.
Former US President Donald Trump. Photo: NYPost
The Trump Organization then rushed to carry out real estate projects throughout Manhattan, the most densely populated district in New York. In this economic and commercial center of the United States, Mr. Donald Trump built the most luxurious building, Trump Tower at 721-725 Fifth Avenue between 56th and 57th Streets in Midtown Manhattan.
Trump Tower is over 200m high, 58 floors, inaugurated in 1983 and is considered one of the iconic buildings of New York. This is also the location and office of many high-end brands and the Trump family itself.
Trump Tower is considered a testament to Mr. Trump's grand vision as a destination for wealthy Americans. The Trump Organization has earned $300 million from selling apartments in this tower.
The Trump family owns a penthouse on the top three floors, with a priceless view of Central Park. Mr. Trump works on the 26th floor, with a private elevator that can take him from his office to his family apartment.
Trump World Tower is a residential building in the Turtle Bay neighborhood, also in Midtown Manhattan. The building was developed by Donald Trump and built from 1999-2001, standing 262m tall.
Donald Trump's office at Trump Tower. Photo: BI
Famous Vietnamese-American billionaire Chinh Chu, husband of singer Cam Ly, known as the “formidable man” of Wall Street, spent more than 34 million USD to buy an entire floor at Trump World Tower as a 1,400m2 penthouse. The apartment has a view opposite the United Nations headquarters.
The Trump Organization owns dozens of golf courses, hotels and numerous apartment buildings.
In his campaign documents, Mr. Trump said the Trump Organization is made up of more than 500 different companies. Mr. Trump also sits on the boards of several companies based in the UK.
Mr. Trump did not run the Trump Organization while he was president.
During his four years as US president from 2017-2020, Donald Trump stopped running the Trump Organization. In late 2016, Donald Trump's lawyer told CNN that Trump did not want to use his presidential power to increase his assets.
The Trump Organization was later placed in a trust to avoid conflicts of interest. He handed over leadership to his children in 2017. The business, of course, remains in the Trump family's hands.
It is understood that Ivanka then ran the hotel division, Donald Jr. was responsible for the golf course division, and Eric managed the winery and new development projects.
Trump's children ran the Trump Organization when Trump was president of the United States. Photo: Express
During Mr. Trump’s presidency, his family slowed down its expansion and cut back on signing contracts with international partners that could cause conflicts of interest. Mr. Trump’s children did not make many new deals, allowing their assets to grow naturally.
Business moves along Trump's political path
Trump Organization's business operations have been greatly affected by Donald Trump's political activities.
During his campaign, his controversial policies and comments negatively affected the Trump brand, and the number of visitors to Trump Organization resorts also decreased.
In recent years, Trump Tower has been associated with federal investigations targeting Mr. Trump and protests in support of/against Mr. Trump when the former US President was under criminal investigation.
Trump Tower is surrounded by iron gates and armed security, causing much damage to the building and its tenants. The occupancy rate at this building has been steadily falling in recent years, instead of the previous 99%.
During Donald Trump's first election campaign and his four years in the White House, the former US President's foreign business dealings were closely monitored for potential conflicts of interest.
Protest in front of Trump Tower. Photo: AN
After Mr. Trump left office in 2021, the Trump Organization resumed its global expansion efforts, building more golf courses and real estate projects abroad, including in Scotland, India, Indonesia, Oman, Saudi Arabia, etc. worth billions of dollars.
Over the years, the Trump Organization has also withdrawn or stopped considering projects in many countries, including Russia, China, Brazil, etc.
Recently, Mr. Trump's assets have also fluctuated continuously as the stock of Trump Media & Technology Group - the company that operates the social network Truth Social founded by Mr. Donald Trump - has continuously fluctuated according to developments in the race to the White House in November, from failed assassination attempts to support rates according to surveys...
According to Forbes, as of September 19, former US President Donald Trump had a net worth of $3.9 billion and was ranked 879th in the world. In mid-August, Donald Trump’s net worth had dropped to $4.9 billion. Previously, in mid-July, according to Forbes, Trump had a net worth of $6.5 billion and was ranked 450th in the list of USD billionaires globally.
One question is whether Trump will commit to ending foreign business deals again if he regains power in the White House, a possibility that some sources at the Trump Organization have said he will.
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