Australia clamps down on illegal investment, China billionaire ordered to sell Sydney mansion

Associated Press

Australian authorities are clamping down on wealthy foreigners illegally buying real estate, ordering a Chinese billionaire to sell a Sydney mansion he recently bought for $30 million.

The billionaire, Hui Ka Yan, is chairman of Hong Kong-listed real estate developer Evergrande Real Estate Group, which is based in Guangzhou, China.

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The government on Tuesday ordered Evergrande subsidiary Golden Fast Foods to sell a Sydney Habor-front mansion within 90 days. It bought the palatial residence in November without asking government permission, which is required for foreign companies.

Treasurer Joe Hockey on Wednesday said that other properties are under investigation.