(Central News Agency, Sydney, 13th) An Australian property developer has announced the cancellation of a US$1.1 billion, 91-story Trump hotel and apartment tower development, stating that the Trump brand has become 'toxic'.

AFP reports that the Trump Organization had announced the towering skyscraper project on Australia's east coast Gold Coast in February of this year, claiming it would 'redefine seaside luxury living'.

David Young, CEO of Australian developer Altus Property Group, stated that the project was called off because the Trump brand has become 'toxic' to Australians.

Young indicated he still plans to complete the development with other brands. In a LinkedIn post yesterday, he noted, 'When the war broke out, the writing was on the wall, and I have been in talks with many high-end luxury brands.'

Young emphasized that the Trump Organization is currently run by the adult sons of US leader Donald Trump, not Trump himself. He described the damage to the brand's reputation as 'grossly unfair'.

'I have no beef with the Trump family, I've known them for 19 years, back when nobody here knew who Trump was, why would I have a falling out with them? This is purely a business consideration,' Young said.

This follows a report by the Australian Financial Review that the Trump Organization had withdrawn from the deal.

The Australian Financial Review quoted a Trump Organization spokesperson as saying, 'While we were excited to bring a world-class development to the Gold Coast, the project was contingent on our licensing partner fulfilling certain obligations.'

The spokesperson said, 'Unfortunately, these obligations were not met.'

Previously, an online petition in Australia against the construction of the tower had gathered over 124,000 signatures. The petition, submitted to the Gold Coast City Council and titled 'Stop Trump Tower', criticized the US President for his 'contempt for democratic norms'. (Translation: Liu Shu-qin) 1150513

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  • Source: CNA (Central News Agency)
  • Category: Taiwan