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Chinese realtor ordered to sell Sydney mansion
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AUSTRALIA has told China’s Evergrande Real Estate Group to sell a Sydney mansion worth A$39 million (US$30 million), saying it was bought illegally under foreign investment rules.
Wealthy foreigners, many of them from China, have been blamed for driving up property prices in Australia, particularly in Sydney and Melbourne, and putting home ownership out of the reach of many local people.
Last week the government said it was cracking down to enforce rules under which foreigners are only allowed to buy new dwellings and are barred from purchasing existing residential property.
In the first major case since then, Treasurer Joe Hockey said he had made an order under the Foreign Acquisitions and Takeovers Act that the “Villa del Mare” in Sydney’s exclusive Point Piper district be disposed of within 90 days.
“I made this order following advice from the Australian government solicitor that the purchase breached the act,” he said, adding that if it is not sold the matter may be referred for prosecution.
Hockey said the luxury home was bought in November last year for A$39 million by Golden Fast Foods.
It is ultimately owned by Evergrande Real Estate Group, which is listed on the Hong Kong Stock Exchange.
He added that it was purchased via a string of shelf companies including in Australia, Hong Kong and the British Virgin Islands.
“Under the Foreign Acquisitions and Takeovers Act foreign investors must notify the Treasurer through the Foreign Investment Review Board before purchasing residential real estate,” Hockey said yesterday.
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