Australia orders fast sale of mansion


SYDNEY: Australia announced it was forcing the Chinese owner of a A$39mil (US$30.5mil) Sydney mansion to sell up within 90 days, the first such crackdown on foreign investment in residential real estate since 2006.

“Villa del Mare” was bought “illegally” in November by Golden Fast Foods Pty, owned by Hong Kong-listed Evergrande Real Estate Group through a string of shell companies in Australia, Hong Kong and British Virgin Islands, Treasurer Joe Hockey said in a statement.

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