Australian buyer Lola Wang Li emerges with Villa del Mare, the $39 million Point Piper FIRB home

Australian buyer Lola Wang Li emerges with Villa del Mare, the $39 million Point Piper FIRB home
Australian buyer Lola Wang Li emerges with Villa del Mare, the $39 million Point Piper FIRB home

Lola Wang Li has placed a caveat on the Point Piper property Villa del Mare to buy the trophy home from Golden Fast Foods Pty Ltd, a company associated with Chinese billionaire Xu Jiayin.

Lola Wang Li is married to Li Liang a wealthy former chief executive of the Hong Kong-listed China Power New Energy Development, which invests in renewable energy projects in mainland China.

Li currently resides in a $2.668 million apartment on Darling Island Road, on Pyrmont's waterfront which was bought eight years ago. It is a 192 square metre three bedroom apartment bought off the plan

She was born in China in 1966 at Fujian, on China's south eastern coast. She directs an Australian registered company called, L L International which was registered in 1996, when Vaucluse Road, Vaucluse-based. For a time the company was also registered at a $494,000 Peak, Haymarket apartment that remains in the Li family ownership. Members of the extended Wang family spent $5.1 million in Rose Bay in 2009.

The face saving May 2015 sale came after Treasurer Joe Hockey forced the divestment of the Point Piper home, arguing the sale to Xu Jiayin breached Australia's foreign investment rules.

Gibson Lawyers caveat says it was a May 8 sale, although it was announced as sold six days earlier by the Treasurer. It was only registered today, with price details to be lodged on its undisclosed settlement date. Peter Hudson and Norman Gibson appeared to be assisting with the legalities. 

Treasurer Joe Hockey told Reuters earlier this month the re-sale of the Point Piper trophy home, Villa del Mare had taken place.

It was advised an Australian buyer had been found by its the billionaire owner Xu Jiayin (許家印 also known as Hui Ka Yan).

“She has signed a statutory ­declaration that she is not associated with Golden Fast Foods in any way,” his office says.

There was a 90 day divestiture order Treasurer Joe Hockey that announced to force the sale of the $39 million Point Piper trophy home, Villa del Mare.

"The property that has been reported has been re-sold to an Australian citizen, and we are investigating around 100 other cases," Joe Hockey told Reuters. 

"In some cases people are disclosing their own failure to comply with the law."

The forced sale by one of China's richest men Xu Jianyin followed a crackdown on enforcing foreign ownership rules.

The head of the Evergrande Real Estate Group was given 90 days on March 3 to divest the property as it was deemed to have been bought without approval from the Foreign Investment Review Board.

Agents were not aware the property has been shown to buyers since the order.

The sale by the owner of the company, Chinese billionaire Xu Jianyin, has been billed as set to be followed by more divestment orders, with about 100 other cases currently being investigated.

 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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