Darling Point, Bishopscourt bonanza for Chinese billioniare

Darling Point, Bishopscourt bonanza for Chinese billioniare
Darling Point, Bishopscourt bonanza for Chinese billioniare

Chinese billionaire Wang Qinghui has emerged as the cash buyer of the historic Bishopscourt, Darling Point estate for $18 million, although the actual sale price has not yet been registered at the NSW LTO.

The purchase ends 105 years of Anglican Church ownership having been the official residence of its Sydney Archbishop.

Wang debuted on the Forbes Rich List of China in 2014 following his early investment in the Beijing Xinwei Telecom Technology Group, according to Fairfax Media.

According to Reuters, Beijing Xinwei is designated by five central government ministries to be a key software enterprise for state planning.

Wang, 47, was an early investor in the Beijing Telecom in 1999 through his venture firm Bonanza Investment, of which he is president.

The sale price was well below expectation.

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.

Tags: 
Trophy Sale

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