Rich Chinese sure want set up house elsewhere: today’s news show villa for sale in Italy ($16m) and sold in Australia ($31m)

The Australian home in Sydney that just sold for $40m ($31m US)

Italy — For sale online to a wealthy Chinese buyer: historic Italian villa, starting price $16.4 million, possibility of permanent residency thrown in.

A sprawling luxury property near the Italian city of Verona — home to Shakespeare’s star-crossed lovers Romeo and Juliet — was put up for auction on Thursday on Taobao, the flagship site of Chinese e-commerce giant Alibaba.

Photographs showed a pale two-storey building with a red tile roof amid grounds featuring manicured lawns and neatly trimmed hedges dotted with statues surrounding a fountain. Inside, a well-stocked library was pictured, dominated by a large table…

The story claims no one bid on it and was just a stunt. But the case in Australia is very real:

Mandalay, on Wolseley Rd, Point Piper, Sydney, fetches $40m ($31m US):

One of Sydney’s finest mansions, Mandalay, sold at 11pm last night to a Chinese immigrant for $40 million.

Fronting 87-89 Wolseley Road, Point Piper, the property has been on and off the market for years. Its initial asking price was $56 million.

The sale is the second highest in Sydney this year and follows the $41 million paid by another Chinese buyer for the sprawling Villa del Mare… The agents refused to reveal the identity of the buyer, saying they had signed confidentiality agreements.

Australia and BC are geographically closer (for trips home). I am not sure which one attracts more: the climate in Australia certainly is a winner.

  • Brett_McS

    Real Estate agents love out-of-town buyers. They pay so much more than the locals.

  • mauser 98

    Japanese bought overpriced real estate in the 90’s and crashed

    • Brett_McS

      Ditto in the Gold Coast, Queensland.

  • Brett_McS

    BTW that should be “Rich Chinee”

  • mauser 98

    rich? and connected Chinese

    Dacheng, one of the biggest law firms in the People’s Republic of China, is set to merge with two major American law firms,

    The new mega-firm will employ: former House Speaker Newt
    Gingrich, former Democratic National Committee Chair Joe Andrew, and
    former Rep. Van Hilleary, R-Tenn., among others. McKenna Long’s
    political roster includes: former Democratic National Committee Chair
    Howard Dean, former D.C. Mayor Anthony Williams, former Rep. Bill Owens,
    D-N.Y., and former Sen. Gary Hart, D-Colo. Many of the individuals, like Hart, do not have a law degree or practice law, but work in the “government affairs”


    • Rosenmops


      • mauser 98


  • Alain

    They may end up greatly regretting waisting their money on real estate in the EU once the Muslim take-over is complete.

  • El Martyachi

    It sucks mostly. From a war insurance standpoint .. notsomuch.

  • ntt1

    there is now a full time Chinese mainland scam team investigating many Chinese real estate purchases in BC and the genesis of the funds. it seems the” Golden mountain” is a great place to stash illicit cash.

    • Rosenmops

      I’ve long assumed that very wealthy people from China, India, Iran, Africa, Russia etc have made their money in some sort of unsavory if not outright criminal way. These counties are all very corrupt. Not necessarily the people you want filling up your cities. But the government encourages these people to come here.

      • El Martyachi

        Maybe it’s possible to turn bad money into good? Miami? (probably not the best example)…

        • El Martyachi

          Vegas? (maybe not the best example either)