Cubbie Station's Chinese millionaire Qiu Yafu secures Point Piper's Bang & Olufsen house as Victoria nabs the first significant-investor visa from China

Jonathan ChancellorMay 6, 2013

Forget the silly Sydney Morning Herald speculation of Ricky Martin being its mystery buyer.

The Forbes Rich Lister, the Chinese millionaire Qiu Yafu, who headed the Cubbie Station cotton acquistion, has been pinpointed as the buyer of the Sydney waterfront property, known as the Bang & Olufsen house which sold for around $34 million last month.

Qiu Yafu - who Property Observer gathers is known by the name, Jerry - is the chairman of global textiles group Shandong Ruyi. He ranked 356 on The Forbes 400 Richest Chinese in 2007, but no mentions subsequent. He is an engineer from Shandong and a senior Communist Party member. Qiu Yafu is a self-made man who frst joined the textile company when it was previously a government managed woollen mill at the age of 17. He rose through the ranks to the head of the company at 39. He was a deputy of Tenth National People's Congress which held plenary sessions between 2003 and 2007.

The Australian Financial Review rural reporter says he bought the Point Piper house after spotting it during an Australia Day cruise with friends.

Yafu headed the syndicate that purchased the Queensland Cubbie Station cotton property for $232 million last year.

The CS Agriculture consortium backed by Shandong Ruyi, has the Japanese trading giant Itochu and wool trader the Lempriere group, as partners on the 93,000 hectare property acquistion.

Meanwhile the first significant-investor visa has been granted to a Chinese toy manufacturer and his family.

It follows a four-month assessment of the application.

He made a $5 million investment in Victoria state bonds.

Australia's significant investor visa has attracted applications that could translate into inbound investment of $850 million.

"Clearly, the whole thing has been targeted at China so far," Bill Fuggle, Sydney-based head of financial services Baker & McKenzie told the Wall Street Journal Asia edition.

The Immigration minister Brendan O'Connor announced the first applicants success last week some six months after the scheme to encourage migrants with a successful business backgrounds was unveiled.

Applicants can invest the $5 million in commonwealth, state or territory bonds, managed funds or Australian companies.

"Significant investors bring with them their skills in business, their links to international markets and additional capital for investment," Mr O'Connor said in a statement.

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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