When a little-known Chinese property developer splashed $12.8 million on an Australian mansion in 2012, it raised eyebrows not just for the price but for the copycat purchases that followed.
A flurry of mainland buyers descended on Sydney property agents with requests for similar properties nearby, but with the proviso that their mansions could not be “bigger and better”. They made clear it was in deference to the original purchaser, Huang Xiangmo.
“When Mr Huang was looking to buy we were also looking for houses for his associates – but they weren’t able to buy until Mr Huang had bought his ‘King of the Mountain’ house,” one Mosman agent told Fairfax Media. “And their houses, as we understood it, couldn’t be higher than his on the hillside or better than his.”
The original article can be found at smh.com.au