Real estate tycoon Xu Jiayin, now China's richest person, forced to sell Australian home by Joe Hockey in 2015

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Oct 18, 2017

Real estate tycoon Xu Jiayin, now China's richest person, forced to sell Australian home by Joe Hockey in 2015

The Chinese real estate tycoon who was forced to sell his Sydney harbourside mansion by Joe Hockey in 2015, has been named China's richest person.

Xu Jiayin is China's richest person.
The then treasurer Joe Hockey forced Xu Jiayin to sell Villa del Mare in 2015 because Jiayin had not received FIRB approval.

The Chinese real estate tycoon, Xu Jiayin, who was forced to sell his Sydney harbourside mansion by Joe Hockey in 2015, has been named China's richest person, with an estimated wealth of $55 billion.

Jiayin came to notoriety in Australia in 2015, when he was forced to sell his Point Piper mansion by the then treasurer for failing to receive the proper Foreign Investment Review Board approvals. The property, Villa del Mare, sold for $40 million, making Jiayin a $1 million profit.

Jiayin, who is chairman of China's largest property developer, Guangzhou-based Evergrande, has been riding the crest of China's real estate boom. His wealth soared 272 per cent over the year to $55 billion. It is the first time Jiayin, who is 59, has reached first place.

Bloomberg notes that Jiayin's made nearly $40 billion this year alone, but said his wealth could be eroded if the Chinese property market weakens, with some saying it is already in bubble territory.

Source: Hurun Rich List 2017 and 36G.

The real estate sector contributed 14.6 per cent of the top place getters, while the manufacturing sector, long the stalwart of China's economy, contributed the greatest percentage, with 27.9 per cent.

The Hurun Report says there are at least 647 billionaires in China, up 53 from last year and 396 from five years ago. The report claims there are some 2,130 individuals in mainland China who are worth more than $300 million with their total wealth adding up to the GDP of the United Kingdom.

Rupert Hoogewerf, founder of Hurun, says there are probably many more multimillionaires in China who have hidden their wealth.

“For every one we have found, we estimate there to be two that we have missed,” he said.

The 2017 Hurun Rich List is compiled by Shanghai-based luxury magazine publisher Hurun Report.

Read the Hurun China Rich List 2017 report.