CHINESE property buyers are being forced to sell a $2.5 million property in Queensland as part of a federal government crackdown on illegal purchasers by foreigners.
More than $9.7 million worth of real estate is set to be forcibly resold as a result of foreign nationals illegally holding Australian property, including a $5.2 million Melbourne mansion bought by Chinese businessman Li Jian Guo in March last year.
The Hawthorn East was sold in May 2014 for $5.2 million. It was bought without government approval, and will now be resold Of the seven properties in the latest round-up of forced divestments, five are in Victoria, one in Queensland, and one in New South Wales.
A waterfront mansion in Helensvale that last traded for $2.5 million in 2010 has also been issued with divestment orders. It is owned in a company name Sky Universe, which is owned by a 31-year-old from China, Chen Zou.
The 9647-square-metre property with a second dwelling and a swimming pool on the property was listed for sale in July with an asking price of more than $3.5 million, and reduced to sell in September for more than $2.3 million.
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