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Chinese Mogul Dai Yongge Sells His Luxurious Rose Bay Estate for $25 Million

Dai Yongge, a prominent figure in the shopping center business, has offloaded his magnificent Rose Bay mansion for a whopping $25 million following its listing back in 2019. The sprawling property is now under the ownership of Beijing-based HM Skyline, a company controlled by Mu Li, a 34-year-old individual with esteemed lineage.

Mu Li, hailing from the ancestry of billionaire Li Guoqiang, who is one of the founders of a major car dealership in China, has a knack for acquiring high-end real estate. At the age of 29, Li procured a lavish $30.5 million estate in Bellevue Hill from the Haikin family, known for their association with the famed Max Brenner chocolate chain. Additionally, he invested a substantial sum of $27 million to acquire a prime waterfront plot in Point Piper.

The opulent European-inspired villa showcases picturesque gun-barrel vistas of Australia’s picturesque harbor. This three-story mansion comprises five bedrooms, an internal elevator, and a stunning swimming pool. Yongge’s wife, Zhang Xingmei, initially acquired the Rose Bay residence from Ray Pillion, a notable rag trader, for $17.68 million over a decade ago. Subsequently, Yongge developed the property in 1999 after purchasing it back in 1997 for $2.3 million.

The sale of the Rose Bay mansion culminates after an extensive year-long settlement, marking the involvement of prominent figures within China’s affluent elite. Notably, Yongge and his sister Dai Xiu Li have been the proprietors of the UK-based football club, Reading FC, since 2017. Renowned in China for the success of their enterprise, China Dili, formerly known as Renhe Commercial, the siblings made headlines in the 1990s for repurposing underground bomb shelters into thriving shopping centers across southern China.

The acquisition of the Rose Bay estate by Yongge and Zhang sparked the influx of prominent personalities from China’s upper echelons into the region. One such notable figure is Zeng Wei, an associate of Xingmei, whose father, Zeng Qinghong, played a pivotal role in facilitating Xi Jinping’s ascension to power. Wei’s wife, Jiang Mei, showcased her acquisition prowess by purchasing the Craig-y-Mor mansion in Point Piper for $32.4 million back in 2008, subsequently opting to demolish the property and construct an entirely new residence.

Image Source: Berkshire Live

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