(Excerpt) Sydney Morning Herald, Australia-
The Chinese oil resources businessman Zeng Wei, and his wife, Jiang Mei, are one example of the opportunities open to foreign investors in the right visa class.
Mr Wei’s father, Zeng Qinghong, was vice-president of China between 2003 and 2008 and the fifth-ranking member in the Politburo Standing Committee.
In 2008, the couple paid $32.4 million for Craig-y-Mor in Point Piper, the third-most expensive house ever sold in Australia.
The purchase was made after he obtained a business migration visa the year before.
The grand 1920s house with renovations by Professor Leslie Wilkinson was initially bought just in his wife’s name, as was an earlier acquisition – a $1 million apartment in the World Tower block in Liverpool Street in the CBD in 2005.
The couple’s application to demolish the house and replace it with a new $4.95 million home is being reviewed by Woollahra Council, which is seeking heritage advice.
Chinese buyers currently in the market have told agents they are seeking FIRB approval to spend up to $40 million on a harbourfront house in the eastern suburbs……. (more details from The Sydney Morning Herald)