Treasurer Joe Hockey announces forced sale of Point Piper mansion Villa del Mare

04 March 2015 .

Lucy Macken and Philip Wen report on the forced sale of a Sydney mansion which Treasurer Joe Hockey says was purchased by a Hong Kong business in breach of foreign investment rules.  The $39 million Villa del Mare property at Point Piper was bought last year by Australian company Golden Fast Foods, which is owned by a Hong-Kong based property group. Mr Hockey said the company failed to seek approval from the Foreign Investment Review Board in purchasing the mansion and he ordered it be sold.


Villa del Mare was designed by Chris Norris and built in the late 1990s by developer Nati Stoliar.  This house is not of heritage significance but this decision is important as foreign investment rules need to be enforced.


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Mr Hockey and Prime Minister Tony Abbott last week announced a raft of changes to laws that govern the ability of foreign buyers,  temporary residents and non-residents, to purchase Australian residential property.  Unveiling the key contents of a consultation paper, Mr Hockey said the proposed measures were designed to restore confidence in a foreign investment review system that had not prosecuted anyone for breaching the rules since 2006.


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