Latest news with #TrumpOrganisation
The Sun
21 hours ago
- Business
- The Sun
Work on US$1b Trump Tower Vietnam may start next year
HANOI: Investment in a planned Trump Tower in Vietnam is estimated at around US$1 billion (RM4.2 billion) and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, US President Donald Trump's family business, is reviewing in Vietnam. The Southeast Asian country is currently in trade talks with Washington to avoid crippling 46% tariffs. Eric Trump, senior vice-president of the Trump Organisation, visited Vietnam last week to survey the site for the tower in the country's southern business hub of Ho Chi Minh City and to attend the groundbreaking for a golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of US$1.5 billion, the source said. The division of work had not been previously reported. A similar arrangement is likely to be agreed for the Trump Tower, with the investment expected to come mostly from local partners, the source said, declining to be named because the information is not public. The Trump Organisation did not reply to a request for comment. Kinhbac City, a leading industrial real estate developer in Vietnam, did not respond to a request for comment. When it announced its collaboration with the Trump Organisation in October, the company said the venture 'will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam.' During his visit last week, Eric Trump toured the site where the skyscraper would be built and met local officials, the source said. That was in line with the schedule of his engagements with the city's authorities, according to a Vietnamese document seen by Reuters. The tower would be built in Thu Thiem, an area under development in central Ho Chi Minh City where a new financial centre is planned to be built, the document from the city's authorities showed. At the groundbreaking for the golf resort, Eric Trump said the projects to be developed in Vietnam would be 'the envy of all of Asia and of the entire world', adding he would visit the country frequently to further the company's plans. Approvals for the tower project are still being sought and no final decision had been made about when construction will start, the source said, adding that the aim was to have the groundbreaking next year. The investment could be larger than US$1 billion if permits are obtained for a building with more than 60 floors, the person said. The Trump Organisation operates several towers in the US and across the world, but does not own all of them. The flagship Trump Tower in the Manhattan neighbourhood of New York City was built in the 1980s. Others have since been built in Chicago, Florida and abroad, including in Turkey and the Philippines. – Reuters
TimesLIVE
a day ago
- Business
- TimesLIVE
Work on $1bn Trump Tower in Vietnam could start next year: source
Investment in a planned Trump Tower in Vietnam is estimated at $1bn (R17.84bn) and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, US President Donald Trump's family business, is reviewing in Vietnam. The Southeast Asian country is in trade talks with Washington to avoid crippling 46% tariffs. Eric Trump, senior vice-president of the Trump Organisation, visited Vietnam last week to survey the site for the tower in the country's southern business hub of Ho Chi Minh City and to attend the groundbreaking for a golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of $1.5bn (R26.77bn), the source said. The division of work had not been previously reported.
The Star
a day ago
- Business
- The Star
Work on US$1 bil Trump Tower in Vietnam could start next year, source says
HANOI: Investment in a planned Trump Tower in Vietnam is estimated at around US$1 billion and construction of the at least 60-storey skyscraper could start next year, a person familiar with the discussions told Reuters. The building, for which plans are still preliminary, would be the second major project the Trump Organisation, U.S. President Donald Trump's family business, is reviewing in Vietnam. The South-East Asian country is currently in trade talks with Washington to avoid crippling 46 per cent tariffs. Eric Trump, senior vice president of the Trump Organisation, visited Vietnam last week to survey the site for the tower in the country's southern business hub of Ho Chi Minh City and to attend the groundbreaking for a golf resort in northern Vietnam. The approval for the golf club, according to Prime Minister Pham Minh Chinh, had been expedited by the authorities. The Trump Organisation would operate the golf club, while its Vietnamese partner, real estate firm Kinhbac City, would focus on developing it with an estimated investment of US$1.5 billion, the source said. The division of work had not been previously reported. A similar arrangement is likely to be agreed for the Trump Tower, with the investment expected to come mostly from local partners, the source said, declining to be named because the information is not public. The Trump Organisation did not reply to a request for comment. Kinhbac City, a leading industrial real estate developer in Vietnam, did not respond to a request for comment. When it announced its collaboration with the Trump Organisation in October, the company said the venture "will focus on developing 5-star hotels, championship-style golf courses, and luxurious residential estates and unparalleled amenities in Vietnam." During his visit last week, Eric Trump toured the site where the skyscraper would be built and met local officials, the source said. That was in line with the schedule of his engagements with the city's authorities, according to a Vietnamese document seen by Reuters. The tower would be built in Thu Thiem, an area under development in central Ho Chi Minh City where a new financial centre is planned to be built, the document from the city's authorities showed. At the groundbreaking for the golf resort, Eric Trump said the projects to be developed in Vietnam would be "the envy of all of Asia and of the entire world", adding he would visit the country frequently to further the company's plans. Approvals for the tower project are still being sought and no final decision had been made about when construction will start, the source said, adding that the aim was to have the groundbreaking next year. The investment could be larger than US$1 billion if permits are obtained for a building with more than 60 floors, the person said. The Trump Organisation operates several towers in the United States and across the world, but does not own all of them. The flagship Trump Tower in the Manhattan neighbourhood of New York City was built in the 1980s. Others have since been built in Chicago, Florida and abroad, including in Turkey and the Philippines. - Reuters
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
Trump's big bet on his $8 billion family fortune
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals. Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune. His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment. Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin. Loading Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday. It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030. The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period. Bitcoin buyers
Sydney Morning Herald
2 days ago
- Business
- Sydney Morning Herald
The Trump $8 billion family fortune is being tied to bitcoin
President Donald Trump has made no secret of his love for the crypto industry in his second term, appointing friendly regulators, establishing a US digital asset stockpile, ending prosecutions and pardoning its criminals. Those moves are set to hit even closer to home as the industry increasingly drives the fate of his family's personal fortune. His sons Eric Trump and Donald Trump Jr. have hopscotched from one crypto conference to the next — Abu Dhabi in December, Washington in March, Dubai in May — rousing fans and drawing criticism about conflicts of interest along the way. They're getting top billing at a conference in Las Vegas this week, alongside Vice President JD Vance. A spokesperson for the Trump Organisation did not immediately reply to a request for comment. Their appearances come just as the most valuable asset underpinning the president's $US5.2 billion ($8.1 billion) personal fortune is set to become increasingly tied to the price of bitcoin. Loading Trump Media and Technology Group, the family's money-losing social media business, announced Tuesday it was raising $US2.5 billion to buy bitcoin — what chief executive officer Devin Nunes called an 'apex instrument of financial freedom.' The company's balance sheet of cash, cash equivalents and investments were worth $US759 million at the end of the first quarter, according to a filing on Tuesday. It's among the highest-profile examples of what's become a familiar strategy: There are more than 30 public US companies that purchase bitcoin as part of their corporate treasury, according to CoinGecko. Bernstein analysts project bitcoin could see $US330 billion in inflows via corporate treasuries before 2030. The token climbed above $US111,000 last week for the first time ever and has gained roughly 55 per cent since Trump's election win in November. Trump Media, by comparison, is down about 34 per cent over the same period. Bitcoin buyers
