Mansion sales to foreign buyers face Treasurer crackdown

 

Federal Treasurer Joe Hockey is poised to crack down on another mansion purchase by a foreign buyer — with the trophy property most likely located in Perth.

 The Australian Tax Office, which has been handed responsibility for enforcement of the foreign investment guidelines governing real estate, has identified a property which sold recently for $40 million.

Foreign residents are forbidden from buying established residential property in Australia.

 In Sydney, Mr Hockey gave the foreign buyer of Villa del Mare just 90 days to sell the sprawling property after the buyer illegally purchased it for $39 million. The owner, Chinese group Evergrande Real Estate, subsequently onsold the property to a Chinese-born Australian resident for about $41m.

Read the entire article at The Australian.