News, Culture & Society

Chinese businessman’s son buys $1b Sydney Harbour project

The son of Chinese businessman and political donor Huang Xiangmo has been revealed as the mystery buyer of a billion-dollar Sydney Harbour apartment project.

China’s biggest property developer, Wanda, informed the stock market in Hong Kong it had sold One Circular Quay, which is under construction, and the Jewel project on Queensland’s Gold Coast.

The two projects, which were once valued at $1 billion each, sold for a combined price of $312 million in cash and $807.1 million in debt repayment, Fairfax Media has reported. 

Wanda had been planning to develop a luxury hotel, 186 apartments and space for retail on the Circular Quay site.

 

An artist’s impression of One Circular Quay, bought by the son of a Chinese billionaire

Chinese billionaire Huang Xiangmo with Australia's Foreign Affairs Minister, Julie Bishop

Chinese billionaire Huang Xiangmo with Australia’s Foreign Affairs Minister, Julie Bishop

The site of the proposed One Circular Quay apartment development at 1 Alfred Street

The site of the proposed One Circular Quay apartment development at 1 Alfred Street

Wanda’s announcement stated the purchaser was AWH Investment Group, of which Mr Huang ceased to be a shareholder two weeks ago. 

The billionaire’s 23-year-old son Huang Jiquan, who lives at Mosman on Sydney’s lower north shore, replaced his father on the share register as a director of AWH.

Fairfax reported the private company shared a North Sydney address with property developer Huang Xiangmo’s company, Yuhu Group.

AWH was formed late last year as Wanda, which has been under pressure from the Chinese Government to reduce its foreign debts, was searching for a buyer for its Australian assets.

A week after AWH was registered as a company Huang Xiangmo stood down as president of the Australian Council for the Promotion of the Peaceful Reunification of China. 

While the council had been accused of lobbying on behalf of the Chinese government, Mr Huang said he wanted to concentrate on his extensive businesses.

Billionaire businessman Huang Xiangmo (seated left) with former premier Mike Baird (right)

Billionaire businessman Huang Xiangmo (seated left) with former premier Mike Baird (right)

Former senator Sam Dastyari received donations from Chinese billionaire Huang Xiangmo

Former senator Sam Dastyari received donations from Chinese billionaire Huang Xiangmo

Labor senator Sam Dastyari, who received political donations from Mr Huang and made comments supporting China’s stance in the South China Sea against his party’s position, resigned from federal Parliament.

Mr Dastyari had also been accused of warning Mr Huang his phone might be tapped during a meeting at the businessman’s Mosman mansion in October 2016.

The senator insisted he never received or passed on classified security information to Mr Huang, who has links to China’s Communist Party.

Another director of AWH is listed as Xiaozhi Luo, 31, also of Mosman. A person by that name was the signatory on a $10,000 donation made to the Liberal Party in 2016 by another of Mr Huang’s companies.

Billionaire Chinese businessman Huang Xiangmo with former prime minister Tony Abbott

Billionaire Chinese businessman Huang Xiangmo with former prime minister Tony Abbott



Read more at DailyMail.co.uk


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