A young Chinese billionaire who does not live in one of his six Sydney trophies has called for better control of foreign investment.
Zhang Bo, 32, bought all properties – worth $ 32 million in total – in Beauty Point, Mosman in the last two years.
He made the last addition to his real estate portfolio last month, a $ 3 million townhouse on Bay Street.
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A young Chinese billionaire who does not live in one of his six trophy houses in Sydney has called for better controls on foreign investment (see the first Mosman home that Zhang Bo bought for $ 6.2 million on June 6, 2017)
His series of cash purchases comes as a family in Australia's largest urban battle to reach the property ladder.
Recent figures showing the home loans from Sydney needed a salary of $ 154,000 a year to pay a mortgage on an average-price home.
The average salary in Australia is almost half of $ 83,500.
Shadow treasurer Jim Chalmers told The Australian Financial Review more attention needs to be paid to foreign investors.
& # 39; The government must monitor compliance and act to enforce foreign investment policies to protect Australian interests & # 39 ;, he said.
Current regulations mean that non-residents in Australia can only buy new properties, but not existing properties, unless they are approved by the Foreign Investment Review Board (FIRB).
Mr. Zhang, from the Chinese province of Guangdong, has no office address in Australia or an online profile.
Neighbors say that the palace-like houses on Beauty Point are often empty and that the owner is rarely seen in the suburbs.
Shadow Treasurer Jim Chalmers said more attention should be paid to foreign investors (pictured his property on 101 Bay Street, worth $ 3,075 million, that was purchased on October 21, 2019)
Mr. Zhang lived two years ago in a $ 1 million apartment that he had purchased with a mortgage on Wolli Creek.
All his houses were bought in cash, except a house on Tivoli Street, which he bought with a Westpac mortgage.
Mr. Zhang bought his first Mosman home on June 6, 2017 – a $ 6.2 million home on Beauty Point Road 26, purchased by one of his companies.
All his houses were bought in cash, except a house on Tivoli Street (right), which he bought with a Westpac mortgage
A trader who worked on the property during the lunch break said the owner only visited the property once a year.
A little over two months later on August 15, Mr. Zhang bought a $ 8 million mansion on 26 Euryalus Street.
A painter who saw working in the house said that Mr. Zhang was the owner but did not live there.
A little over two months later on August 15, Mr. Zhang bought a $ 8 million mansion on 26 Euryalus Street
He bought two properties in 2018, one on Tivoli Street on January 4 for $ 5.3 million at home and one on 77 Bay Street on October 26 for $ 7.65 million.
The house on Tivoli Street has a female resident who confirmed that Mr. Zhang owned the property but did not live there.
A resident, 25 years old, on 77 Bay Street said he was a & # 39; friend of a friend who stayed for a few weeks & # 39; was, but said the house was mostly empty.
The house on Tivoli Street, valued at $ 5.3 million, has a female resident who confirmed that Mr. Zhang owned the property but did not live there
The $ 7.65 million home on 77 Bay Street, purchased on October 26, 2018, had a 25-year-old male resident who said he was a & # 39; friend of a friend who stayed for a few weeks & # 39;
The two houses purchased by Mr. Zhang in May 24 and October 21, 2019, are both considered empty.
He paid $ 6.6 million for 69 Bay Street and $ 3,075 million for 101 Bay Street.
Mr. Zhang is friends with executives at Evergrande, the second largest real estate company in China.
The President of Evergrande was forced in 2015 to sell a $ 39 million Point Piper mansion owned by former treasurer Joe Hockey after he had illegally purchased the property.
The $ 6.6 million home on 69 Bay Street, purchased on May 24, 2019, was mostly empty
Mr. Zhang's property is in the same suburb as the relatives of the embarrassed Chinese billionaire Huang Xiagmo, who own a $ 12.8 million home.
Mr. Huang, whose visa was canceled in February 2019, is said to have donated more than $ 2.7 million to both the Labor and the Liberal parties.
He was director and chairman of a real estate company and therefore prohibited donations to political parties from NSW.
Mr. Huang is forbidden to re-enter Australia.
Homes in Beauty Point, owned by the Chinese billionaire Zhang Bo
26 Beauty Point Road, $ 6.2 million, purchased on June 6, 2017
26 Euryalus Street, $ 8 million, purchased on August 15, 2017
8 Tivoli Street, $ 5.3 million, purchased on January 4, 2018
77 Bay Street, $ 7.65 million, purchased on October 26, 2018
69 Bay Street, $ 6.6 million, purchased on May 24, 2019
101 Bay Street, $ 3,075 million, purchased on October 21, 2019
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