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The federal government has announced the forced sale of the $39 million Point Piper mansion Villa de Mare, formerly owned by recruiter Julia Ross, in one of the first such acts in a decade.
Treasurer Joe Hockey has told federal parliament the property was sold illegally or in contravention of the existing laws governing foreign ownership.
The treasurer announced a new regime of fees and penalties last week to enforce the existing law but these are subject to a four week consultation process.
The forced divestment announced today was under the existing law, which the federal government said had not been enforced by Labor.
Ownership of the property is still unclear, but some property experts said the home was bought on behalf of Chinese billionaire and property developer Xu Jiayin.
Xu Jiayin, is China’s 15th-richest man with a net worth of $7.6 billion, according to the Hurun Report. He is also the founder and chief executive of Evergrande Real Estate Group, one of China’s largest apartment developers.
Villa de Mare set a new non-waterfront record in early October 2014 for the 1508 square metre home.
The Foreign Investment Review Board revealed to a recent parliamentary inquiry that there had not been a single prosecution since 2006 and no divestment orders since 2007.
The purchase of an established dwelling is conditional on the foreign person selling the property when they leave Australia. All foreigners require prior approval to purchase residential real estate, and only temporary residents are permitted to acquire existing properties.
Read more: http://www.smh.com.au/business/m ... .html#ixzz3TIZQEBpI |
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