Donald Trump seeks to freeze assets of HK tycoons over soured deal

American real estate tycoon Donald Trump has filed a new lawsuit to freeze more than US$1 billion of assets belonging to his two Hong Kong business partners, according to a New York newspaper report.

The writ was filed in the Manhattan Supreme Court on Wednesday, the New York Post said yesterday.

The newspaper said Mr Trump, star of reality television show The Apprentice, had accused Henry Cheng Kar-shun and Vincent Lo Hong-sui and their consortium of investors in a New York development project of 'blackmailing' and of conspiring to deprive him 'of the very partnership rights to which he is entitled'.

In an action filed last month, Mr Trump sued Mr Cheng, chairman of New World Development and Mr Lo, chairman of Even Shui On Holdings, for US$500 million for breaching their fiduciary duty in the proposed US$1.76 billion sale of the property to the Carlyle Group and Extell Development.

The Hong Kong tycoons made the investment as private entities.

Mr Trump claimed the pair had declined to entertain several counter-offers as high as US$3 billion for the development, of which Mr Trump owns 30 per cent, and that the consortium had failed to report to him US$19.66 million in distributions made to the Hong Kong investors.