Property developer Peter Zhu has lost his down-payment on a luxury property in Bellevue Hill, after not being able to shell out the second part of his filing, according to reports.
While the six-figure sum is more than three times the average Australian salary of $79,721, is only 5 percent of the sale price of the Bundurra Rd property, which Mr. Zhu has agreed to purchase for $5.5 million, Fairfax Media.
The 1000 square metres, the property has been marketed as a FROM the opportunity, with the approval of the council for a four-level building with a glass facade, swimming pool and a tennis court.
An artist’s impression of the four-level mansion. Image: Raine & Horne
You could have made the last trophy home to the business man that manages the structure of the company LB Group, which is developing a complex of two towers in Gosford Mariner’s Plaza.
According to the list with Raine & Horne Double Bay, the house is in an exclusive neighbourhood close to shops and excellent schools”, approved with architectural projects“, designed to maximize views of the harbour and boast a sunny north aspect.
The plans provide for “ultra large living room with a family of five bedrooms, six bathrooms, spacious living and dining areas, a kitchen, a rumpus, games room, gym and elevator.“Hidden away from the road, behind a high fence and remote-controlled garage, the property offers potential to renovate the existing two levels of the circa 1920 home with a flexible floor plan including three bedrooms, two bathrooms, two living areas, dining room, a study and a large eat-in kitchen,” the listing said.
Developer Peter Zhu has lost his $277,000 deposit after walking away from a property.
Mr. Zhu was last year named as a sponsor of a controversial program of concerts that will be held in Sydney and Melbourne, which celebrates the life of Mao Zedong, the revolutionary, the dictator, and the founding father of Chinese communism.
The event, set to mark the 40th anniversary of the Chairman Mao’s death, have been canceled amid security concerns, after members of the community protested.
The developer has already made headlines in 1999, when he took the NSW Government to the High Court for the cancellation of his contract for the sale of Olympic Club membership in China in the lead up to the Sydney Olympics. In 2004, Mr. Zhu has been awarded a $4.23 million for wrongful termination of his contract.
He is one of the many Chinese buyers to walk from the high-end property offerings in the last few years, with the most high profile example is that of Cate Blanchett’s Hunters Hill mansion, which he sold to Richard Mingfeng Gu in 2015 — only to be back on the market and sell it for a more conservative $ 18 million two years later.