[47]
As of October 2020, Trump had over $1 billion in debts, secured by his assets. He owed $640 million to banks and trust organizations, including Bank of China, Deutsche Bank, and UBS, and approximately $450 million to unknown creditors. The value of his assets exceeds his debt.[48]

Business career
Main article: Business career of Donald Trump
Further information: Business projects of Donald Trump in Russia
Real estate
Trump Tower in Midtown Manhattan
Starting in 1968, Trump was employed at his father Fred's real estate company, Trump Management, which owned middle-class rental housing in New York City's outer boroughs.[49] In 1971, he became president of the company and began using The Trump Organization as an umbrella brand.[50]

Manhattan developments
Trump attracted public attention in 1978 with the launch of his family's first Manhattan venture, the renovation of the derelict Commodore Hotel, adjacent to Grand Central Terminal. The financing was facilitated by a $400 million city property tax abatement arranged by Fred Trump,[51] who also, jointly with Hyatt, guaranteed a $70 million in bank construction financing.