Shanghai Property Heir Snaps Up Sydney Trophy Home

Villa_Igiea_Vaucluse

Villa Igiea, Vaucluse

While most 27 year olds look at purchasing a modest one or two bedroom apartment to get on to the first rung of the property ladder things are distinctively different when you are the heir of a Chinese property magnate.

The stunning Villa Igiea located in Sydney’s exclusive suburb of Vaucluse with views up the harbour to the Sydney harbour bridge, is now the second-most expensive home in Sydney

The new owner of the 1920s-era mansion is «Jim» Shangjin Lin the 27-year-old heir to a Shanghai property fortune who has purchased the villa for a reported $37.5 million.

A Hillside Spot

Shangjin Lin is a 2013 graduate of Australia’s Macquarie University, and the head of the local branch of Chinese developer Shanghai Shenglong Investment Group, which is owned by his father, Lin Yi. Shangjin Lin directs the Australian branch of his father’s development company.

The price paid for the five bedroom, four bathroom home, which is estimated at 1,126 square metres, falls short of the $50.5 million another mainland property tycoon paid in August to acquire the former home of Australian billionaire James Packer.

Angelina Jolie and Brad Pitt made it their Home

Lin will have to wait at least a few months to actually move into his new home, however, as the hillside spot is booked well in advance as a prestigious rental location. Angelina Jolie, Brad Pitt and their children made Villa Igiea their home in 2013 when she was filming Unbroken.

Shanghai Shenglong has established an Australian subsidiary, Aqualand, which stunned the Sydney market last May when it snatched up a historic commercial building and a residential site on Darling Island along Sydney harbour for $129 million.

Ready for More

The company now has at least six development projects in Australia, concentrated in Sydney and Perth, and has spent an estimated $432 million on acquisitions there. Shenglong’s US subsidiary has acquired projects in southern California, and the developer says it is ready for more deals in North America and Australia.

In China, Shenglong has projects in Shanghai, Nanjing, Tianjin, Fuzhou, Zhengzhou and Luoyang, and is based in Shanghai’s Lujiazui financial district. According to its website, as of 2013 the property developer had projects totaling more than 30 million square meters and had invested nearly $25 billion.

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