Shopping center tycoon Dai Yongge sold his Rose Bay mansion for $25 million after he listed it in 2019. Beijing-based HM Skyline, which is controlled by 34-year-old Mu Li, is now the owner of the expansive property.
Mu Li is the son of billionaire Li Guoqiang, co-founder of one of China’s largest car dealers. He also bought a $30.5 million mansion in Bellevue Hill from the Haikin family of the Max Brenner chocolate chain when he was 29 years old. He also shelled out $27 million for a block of land on the Point Piper waterfront.
The grand European villa boasts iconic gun-barrel views of Australia’s harbor. It’s a three-story mansion with five bedrooms, an internal lift, and a swimming pool. Yongge’s wife, Zhang Xingmei, purchased the Rose Bay mansion 12 years ago from rag trader Ray Pillion for $17.68 million. He built the residence in 1999 after he purchased the property in 1997 for $2.3 million.
The sale of the Rose Bay mansion comes after a year-long settlement and a paper trail that includes big names in China’s billionaire class. Yongge and his sister Dai Xiu Li own the UK football club Reading FC since 2017. They are famous in China for the success of their company China Dili (previously Renhe Commercial). The company gained notoriety in the 1990s for converting underground bomb shelters into shopping centers in southern China.
Yongge and Zhang’s purchase of the Rosa Bay mansion spurred the arrival of big names from China’s highest echelons of power. Notably Xingmei’s associate, Zeng Wei, whose father Zeng Qinghong helped Xi Jinping’s rise to power. Wei’s wife Jiang Mei bought Point Piper’s Craig-y-Mor mansion for $32.4 million in 2008. She later had it demolished and rebuild a new residence.Learn More Here
Images courtesy of Sydney Morning Herald