A company linked to political donor Huang Xiangmo, who was involved in the scandal last year that resulted senator Sam Dastyari's  resignation, has acquired two major Australian property assets, Jewel on the Gold Coast and One Circular Quay.

Chinese conglomerate Dalian Wanda Group is selling its two flagship Australian projects to AWH Investment Group Pty Ltd, an associate company of China-backed Australian group, Yuhu. 

The deal, which has been confirmed by Wanda in a statement to the Hong Kong Stock Exchange, is said to be worth $1.13 billion.

Yuhu is owned by Huang Xiangmo, who was linked to the downfall of senator Sam Dastyari last year, after it was revealed that Dastyari advised Huang how to avoid detection by Australia's intelligence services. Huang’s Yuhu Group also paid some of Dastyari’s expenses, it was revealed.

Wanda will receive $315 million for the sale, and the buyer will also take on A$815.1 million of Wanda's debt. The final price is said to be well down from the original asking price, and both projects were once valued at around $1 billion each.

Wanda Group has been under pressure from the Chinese government to lower its level of overseas debt after the company went on a vast global spending spree. Wanda's owner, Wang Jianlin, is said to be one of the richest people in the world.

AWH Investment Group is half owned by Jimmy Huang, 23. Evan (Xiaozhi) Luo, 30, Huang's brother-in-law, is also a director. Luo is married to Huang Xiangmo's daughter, Carina. Their wedding was attended by politicians on both sides of politics.

The other owner of AWH is Bo Zhang, who recently spent $14 million on numerous Mosman properties, according to the Sydney Morning Herald.

Huang Xiangmo, the high-profile owner of Yuhu, ceased to be a shareholder of AWH a fortnight ago, with Jimmy replacing him, according to The Sydney Morning Herald. However, it is clear that he was closely involved in the deal. 

Until now, AWH has mainly been involved in surburan property developments.

Read more about Chinese investment in Australian real estate:

Chinese demand for Australian real estate is declining

Foreign buyers account for 11% of all NSW home sales

What do China's new capital controls mean for Australian real estate?