Villa del Mare is a mansion on Australia’s most expensive street, Wolseley Road, Point Piper. Chinese billionaire Xu Jiayin was forced to sell the mansion in March this year by Treasurer Joe Hockey. Xu is one of China’s wealthiest men. He founded Guangzhou Evergrande, which has a reputation as one of China’s largest and most aggressively expanding real estate conglomerates.
When Joe Hockey shocked the real estate world by forcing Chinese billionaire Xu Jiayin to sell his $39 million Point Piper mansion in March, the Treasurer wanted to demonstrate that he was serious about stopping foreigners from evading ownership restrictions and inflating the bubbling market.