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Shopping Centre Tycoon Dai Yongge sells Rose Bay mansion for $25 million

Shopping Centre Mogul Sells Rose Bay Mansion to Billionaire’s Son for $25 Million


Welcome to the world of the rich and famous, where buying and selling multi-million dollar homes is just another day in the life of the elite. In the latest news, shopping centre tycoon Dai Yongge has sold his Rose Bay mansion for a whopping $25 million. While most of us are counting our pennies and hunting for bargains at the local supermarket, the rich are making moves in the real estate game with ease. However, the sale of the Rose Bay mansion is not a simple transaction, as the history and background of the parties involved make for an intriguing story.

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Shopping Centre Tycoon Dai Yongge sells Rose Bay mansion for $25 million

Image: Domain

Dai Yongge is a well-known figure in the Chinese community. His shopping centre development company, Renhe Commercial, was listed on the Hong Kong Stock Exchange in 2008. According to the SMH, the company gained military approval to convert underground bomb shelters into shopping centres in southern China, and Dai and his sister Dai Xiu Li were major shareholders. They have since become majority owners of the UK’s Reading Football Club.

The Rose Bay mansion was the registered Sydney home of Dai’s son, Dai Bin, who was appointed CEO of China Dili Group after his father stepped down as executive chairman last year. The property boasts five bedrooms, an internal lift to all three levels, and a swimming pool. The mansion was purchased by Dai’s wife, Zhang Xingmei, 12 years ago for $17.68 million from rag trader Ray Pillion.

Shopping Centre Tycoon Dai Yongge sells Rose Bay mansion for $25 million

Image: Domain

Australian corporate records show that Dai is an associate of Zeng Wei, the son of former Chinese vice-president Zeng Qinghong, who is credited with having had a hand in President Xi Jinping’s rise to power. A few months after Dai settled into his Rose Bay mansion in early 2008, Zeng’s wife, Jiang Mei, bought Point Piper’s historic Craig-y-Mor residence for a then non-waterfront high of $32.4 million, only to demolish it and rebuild a new mansion. The historic residence was then transferred into the ownership of the lesser-known Jennifer Chen in 2015. Must be nice; we can barely get our mates to transfer us coin after a night out.

The buyer of Zhang’s Rose Bay mansion is no less established in China’s corporate circles. The property was purchased by the Beijing-based HM Skyline entity, controlled by 34-year-old Mu Li, son of billionaire Li Guoqiang, the chief and co-founder of one of China’s largest car dealers. Li Jr. also owns a $30.5 million mansion in Bellevue Hill, which he bought as a 29-year-old from the Haikin family of the Max Brenner chocolate chain. Last year, he offloaded a block of land on the Point Piper waterfront for $27 million.

The sale of the Rose Bay mansion has been a year-long settlement, with a paper trail that includes a who’s who of China’s billionaire class. It’s clear that the property has passed through the hands of some of the most influential figures in elite society. The grand three-level residence, its sale, and the players involved are fascinating and give a glimpse into the interconnected world of the super-rich.

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