Malaysia tycoon in bed with Trump frets over Vancouver deal
Malaysian property developer Tiah Joo Kim got way more than he bargained for when he signed a licensing deal to use the Trump brand on the Trump International Hotel and Tower that is opening Tuesday in the Canadian city of Vancouver.
Prices for condominiums in the sleek building designed by one of Canada’s top architects have set records. But police are expecting protests by many who object to having a major Trump-branded property as a city landmark when the president’s two oldest sons officially open the tower on Tuesday.
Joo Kim’s Holborn Development struck the licensing deal before Trump’s political ascent. He says he’s now “locked” into his licensing agreement, with no legal grounds to back out of the deal, whose terms have not been released.
“There would be severe legal implications,” he said in a recent interview.
Joo Kim, 37, is the son of tycoon Tony Tiah Thee Kian, one of Malaysia’s richest men and a staunch Christian who built his fortune in stockbroking in the 1990s before expanding into real estate.
A post shared by Joo Kim Tiah (@jookimtiah) on Jan 20, 2017 at 9:39pm PST
Groomed to inherit the family business, last year Joo Kim was appointed CEO of its property arm TA Global. He also runs the Canadian-based Holborn Group.