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Images courtesy of The Sydney Morning Herald

From JustLuxe content partner MensGear

Shopping center tycoon Dai Yongge has sold his Rose Bay mansion for $25 million after listing it in 2019. Beijing-based HM Skyline, controlled by Mu Li, 34, now owns the vast property.

Mu Li is the son of billionaire Li Guoqiang, co-founder of one of China’s largest car dealers.

He also bought a $30.5 million mansion in Bellevue Hill from the Heikin family of the Max Brenner chocolate chain when he was 29. He paid $27 million for a block of land on the Point Piper waterfront.

Grand European villas have iconic gun-barrel views of Australia’s harbour.

It is a three-storey mansion with five bedrooms, an internal lift and a swimming pool. Yongge’s wife, Zhang Jingmei, bought the Rose Bay mansion 12 years ago from rag merchant Ray Pilian for $17.68 million. He built the residence in 1999 after purchasing the property in 1997 for $2.3 million.

The sale of the Rose Bay mansion comes after a year-long negotiation and a paper trail involving big names in China’s billionaire class. Yongge and his sister Dai Xiu Lee have owned UK football club Reading FC since 2017.

He is best known in China for the success of his company China Dilli (formerly Renhe Commercial). The company gained notoriety in the 1990s for converting underground bomb shelters into shopping centers in southern China.

Yongge and Zhang’s purchase of the Rosa Bay mansion prompted the arrival of big names from the highest echelons of China’s power.

Specifically Xingmei’s ally, Zeng Wei, whose father Zeng Qinghong helped Xi Jinping rise to power. Wei’s wife, Jiang Mei, purchased Point Piper’s Craig-y-More mansion in 2008 for $32.4 million. He later demolished it and rebuilt a new residence.

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