PHOTO: The Bellevue Hill mansion sold by the Ho family was built by Spencer Simmons, the founder of real estate agency Laing + Simmons.
If there is a single factor fuelling Sydney’s bull run of trophy home sales this year, it isn’t cashed-up expats or even interest rates. It’s 28-year-old William Wenhao Wu and his property developer mother Jing Wang.
Mother and son’s insatiable appetite for real estate had already caught Title Deeds’ attention in April when it was revealed Wu had bought more than $50 million worth of houses in the previous 12 months, and that family portfolio blew out to almost $100 million when Wang’s property was added to the mix.
The family haven’t stopped since, adding another $65 million worth of eastern suburbs houses in recent weeks, including a Bellevue Hill mansion with tennis court, swimming pool and 16-car garage owned by Singapore’s Ho family.
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There was much secrecy over the Bellevue Hill sale when sold by Christie’s Ken Jacobs, but it is expected to have exchanged at the top of its $24.5 million to $26 million range, and a company controlled by the Wang family’s corporate entity WW Australia lodged a caveat on the title this week.
Among the other recent purchases by the family owned companies is a run-of-the-mill house in Vaucluse with no pool or tennis court but a good view sold by Laing+Simmons’ Steven Zoellner for more than $23 million, a two-storey house in Vaucluse for about $7.6 million and the Du family’s Point Piper house for close to $10 million.
All up, that makes the Wang family the buyers of all four trophy home sales of more than $20 million this year in Vaucluse and Bellevue Hill.
It’s no doubt a credit to success of the family’s Chinese-backed property development company Mayrin Group, of which Wu has been a director since he entered the workforce six years ago.
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