Baby-faced Chinese property tycoon, 27, who paid record $52 MILLION for Sydney mansion says there are plenty of investors ‘just like him’ who will go ‘back and forth’ to buy more Australian homes
This is the man who will give young Australians hopeful of buying their dream home many sleepless nights.
Chinese billionaire-in-waiting Jin Lin is just 27 but he’s just paid a record $52.5 million for Villa Igiea, an exclusive harbour front estate at Vaucluse.
The property mogul also bought his first home at 21, a 40 hectare estate in rural Mittagong on Sydney’s southern outskirts worth $7.15 million.
He disputes claims by real estate analysts that there’s a property bubble about to burst in Australia – claiming there’s plenty of investors just like him in China who will continue to go ‘back and forth’ to buy more properties.
The baby-faced billionaire also revealed he bought the Sydney harbourside mansion primarily for his baby daughter to grow up in a nice home.
‘I bought the [Vaucluse] home because my daughter was born, she is my first kid, about four months old.’
Mr Lin, 27, is a very private man who rarely gives much away about his business or personal life but on return from his latest trip to China and France he spoke candidly with Daily Mail Australia.
I think because of several [other] reasons I intended to move to Vaucluse and the reason was I loved the heritage characteristics of that house,’ he said.
‘We haven’t moved in, it will take time to move in there.’
And he refutes suggestions Sydney is over-priced and even suggested he was ‘happy’ with the $52.5 million deal struck with entrepreneur Dr Wayne Burt for the Villa Igiea manor.
‘Quite subjective that Sydney is over-priced, the price is predicated by a whole list of economic conditions, ultimately the price is driven by the market so I couldn’t say it is over-the-top,’ he said.
That makes it the second highest price paid for an Australian property in recent times behind only the $70 million sale of the former Packer Estate, La Mer.
Part of the reason he and his wife and new-born have not been able to move in is the home is a popular short stay rental for the rich and famous.
It played host to Angelina Jolie and Brad Pitt, who rented the property when they arrived in Sydney with their children in 2013, while she directed the film Unbroken.