In one of the first major business deals concluded since Donald Trump became president, a Chinese businesswoman just closed on the purchase of $15.8 million condo owned by Trump’s real estate business.
According to Mother Jones, businesswoman and consultant Xiao Yan Chen bought a four-bedroom, six-bathroom condo in Trump’s Park Avenue high-rise on February 21. The property was purchased from Trump Park Avenue LLC, where Trump was on the board of directors before resigning just before being sworn in as president.
While Trump is not on the board, he is still a principal of the LLC.
Chen is the founder and managing director of a business consulting firm called Global Alliance Associates which sells itself as a go-between, connecting wealthy business people with Chinese interests to develop new business ventures in her home country.
The company’s website states they specialize in, “Establishing a network of credible and proprietary relationships, known by the Chinese as ‘ghanxi,’ is the single most important aspect of initiating and sustaining a successful business venture in China.”
Mother Jones reports that, as of last week, the luxury condo Chen purchased was listed on real estate website Zillow for $14 million, or about $2 million less than the business consultant paid.