Guangzhou tycoon sets record in Australia for most paid

Guangzhou-based tycoon Chau Chak-wing has set the record in Australia for the most paid for a residential property, according to The Standard HK.

Chau is Australian-Chinese and is a developer and investor that’s famous in Australian political groups for being one of the largest overseas political donors.

The previous record (AUD50 million) was also held by a businessman from China and was shattered when Chau paid AUD70 million (HKD398 million) for Australian tycoon James Packer’s Sydney mansion. 

The mansion is an amalgamation of three homes, purchased by Packer (the man behind the Crown gambling empire), that were connected in 2009 and 2010.

The mansion is located in Sydney’s elite Vaucluse area and was sold off-market by Christie’s International and Sotheby’s International, according to reports. 

[Image via News AU]