2019/11/06

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Chinese billionaire has 6 Sydney mansions but doesn't live in

  


A young Chinese billionaire has purchased six homes worth $37million in a posh Sydney suburb -  but isn't living in any of them.  


Zhang Bo, 32, from Guangdong Province, snapped up the mansions in Beauty Point, Mosman, on Sydney's lower north shore. 


Neighbours say the palatial homes are often empty and the owner is rarely seen in the suburb.


Mr Zhang, who bought all the properties in just two years, does not have an online profile or an address to his office.  


Mr Zhang is an Australian citizen and was living in a $1million apartment he purchased with a mortgage at Wolli Creek just two years ago. 


All his homes have been bought in cash, except a Tivoli Street house, which he purchased with a Westpac mortgage. 


Mr Zhang purchased his first Mosman home on June 6, 2017 - a $6.2million home at 26 Beauty Point Road bought by one of his companies. 


A tradesman working on the property on his lunch break told the Australian Financial Review  the owner only visited the property once a year.  


Mr Zhang purchased an $8million mansion on 26 Euryalus Street just over two months later on August 15. 


A painter seen working at the house said Mr Zhang was the owner but did not live there. 


He bought two properties in 2018, one on Tivoli Street on January 4 for $5.3million home and one on 77 Bay Street on October 26 for $7.65million. 


The Tivoli Street home has one female occupant, who confirmed Mr Zhang owned the property but did not live there. 


An occupant, aged 25, at 77 Bay Street said he was a 'friend of a friend staying for a few weeks' but said the house was empty most of the time.  


The two houses bought by Mr Zhang in May 24 and October 21, 2019, are both thought to be vacant.


He paid $6.6million for 69 Bay Street and $3.075million for 101 Bay Street.  


Mr Zhang is friend with executives at China's second-largest property company, Evergrande.            


Evergrande's chairman was forced to sell a $39million Point Piper mansion owned by former treasurer Joe Hockey in 2015, after reports he bought the property illegally.     


Source: https://www.dailymail.co.uk


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