The weight of Chinese money adds to the cost of housing

The Evergrande Real Estate Group in China recently received a $20 billion bailout (US$16.2 billion) from a group of state-controlled banks which extended it a line of credit to protect the company from insolvency.

That's $20 billion, not million.

The chairman of Evergrande is Xu Jiayin, also known as Hui Ka Yan, regarded as the biggest home-builder in China, has a troubled Australian connection.

Last November, Xu paid $39 million for Point Piper mansion Villa del Mare, a transaction made via a series of shelf companies to avoid the foreign ownership laws.

The federal government examined the high-profile purchase, found it contravened the law on foreigners buying residential property, and ordered the Sydney mansion sold within 90 days.

It only took 60 days to find another Chinese buyer willing to pay $40 million for the property. It sold last week to a Sydney resident with extensive business links in China.

Read Full Story: The weight of Chinese money adds to the cost of housing

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