Multi-million dollar Point Piper property sold illegally

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The sale of another Sydney luxury home has been revealed to have bypassed foreign investment laws. 

Fairfax media outlets yesterday revealed the Point Piper property Altona, which set a Sydney property price record when it was sold for $52 million two years ago, was sold to Chinese businessman Wang Zhijun  via a “complex holding structure of shelf companies and holding trusts, including opaque nominee arrangements.”

Mr Wang hid the purchase behind an elderly relative in Melbourne as he did not have permanent residency status in Australia at the time of the sale. 

Last week the Australian Taxation Office said the use of dummy companies by foreigners to buy Australian real estate was an area it was investigating. 

Earlier this week ATO acting second commissioner Neil Olesen told a Senate estimate committee the ATO was investigating 195 properties that may have been purchased illegally by foreign investors. 

The future ownership of Altono is now uncertain, in November last year Treasurer Joe Hockey forced the sale of Villa Del Mare, also a Point Piper property, after it was revealed its sale contravened foreign ownership rules.
 

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Comments
  • infowars.com says on 04/06/2015 08:14:31 PM

    SURPRISE SURPRISE SURPRISE...... 195 PROPERTIES UNDER INVESTIGATION....... IS THAT ALL!!!!!?????

    more like almost every auction that goes into record sales is a foreign buyer using relatives.

    The agents doing this should be banned for life.

  • Pascoe says on 04/06/2015 11:46:15 PM

    Who cares, at 52 million dollars, I don't really care who buys it. It's not as if they have all of sudden pushed the First home buyers out of the market.

  • Pascoe says on 04/06/2015 11:48:09 PM

    Who cares, at 52 million dollars, I don't really care who buys it. It's not as if they have all of sudden pushed the First home buyers out of the market.

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