China’s Milk Tea Sister Makes a Huge Loss on Sydney Penthouse Sale
A slowdown in Sydney’s housing market has reportedly cost China’s youngest female billionaire Zeitan ‘Nancy’ Zhang a whopping A$ 2.7 million. Having bought the penthouse overlooking the city’s harbor for A$ 16.2 million in 2015, the word is on the street that she recently offloaded it for a $13.5 million, according to Domain.
The apartment, which was completely brand new at the time of Ms. Zhang’s purchase, allowed her to buy it without the bottlenecks of the Foreign Investment Review board coming into play. However, stamp duty charges still cost her over $1 million in the venture to acquire the property.
Going by property records, the Sydney apartment has repeatedly been put up for sale for well over a year. The fact that Ms. Zhang has been keen to offload it does not come as a surprise to many. Being a well-known businesswoman and social media phenomenon, however, one would have thought that she would have sold the penthouse at a much better price, considering that property prices are expected to rise rather than fall in value after purchase.
As details regarding the sale continue to emerge, it appears as though hotel baron Ramy Arnaout and his wife are the apartment’s new owners. If asked, they would undoubtedly describe the Aussie bolt hole a steal. Considering that it is barely five years old, they must be very pleased with themselves for acquiring this elegant piece of property at such a price.
Still, Ms. Zhang has the current cooldown in the Australian housing market to blame for the loss. According to Mansion Global, property prices in Australia have toppled for the first time in years, after enjoying a period of steady rise. Between the second and third quarters of the past year, the price of luxury homes in the country showed a decline of 1%.
Sweeping Views Over Sydney
Ms. Zhang’s former penthouse provides extensive, panoramic views of the city, enough to sweep one off their feet. The view under the city lights compels one to fall in love with the New South Wales capital unknowingly. Additionally, the 3-floored apartment boasts a private elevator, a separate media room, and a beautiful spiral staircase. Housed in the Stamford building, the apartment allows its new owners to enjoy an around-the-clock concierge, gym, pool, and a rooftop terrace, as do all other residents in the complex.
Milk Tea Sister
Popularly referred to as “Milk Tea Sister” in her home country, Ms. Zhang has grown up in the limelight. In 2009, an innocent photo of her holding a cup of milk tea did the rounds on social media, eventually going viral in China, and earning her this nickname. Her marriage to entrepreneur Qiangdong “Richard” Liu cemented her status as China’s youngest female billionaire. Currently, she uses her massive social media influence to drum up support for her various investments.
More in Finance & Business
Meghan Markle’s Former L.A. Home With Her Ex-Husband Is Now Up For Sale–Here’s Your Peek At The $1.8 Million Property
Considering the extensive media coverage that the Duchess of Sussex, Meghan Markle, has been receiving, it’s quite hard to believe that...August 25, 2019
Tennis Star Naomi Osaka Just Proved She’s A Worthy Opponent To Serena Williams On and Off The Court
Japanese-American tennis player Naomi Osaka made headlines last year when she beat legendary athlete Serena Williams at the U.S. Open Tennis...August 25, 2019
This Michelle Obama-Approved Jeweler Can Teach You a Thing or Two About Life & Business
Theresa Bruno, the proprietor of the luxury jewelry business Jordan Alexander, has had the privilege of accessorizing a list of famous...August 24, 2019
Want to Live Next to Royalty? Here’s the Perfect Opportunity For You to Set Up Home Near Prince William & Kate Middleton
While not everyone can live like or be a member of the royal family, commoners can still have the chance to...August 24, 2019
‘Wolf of Wall Street’ Actress Margot Robbie Just Got a New Office– Here’s an Inside Look at LuckyChap Entertainment’ L.A. Space
People may know Aussie actress Margot Robbie for her onscreen work in various successful movie projects. But behind the scenes, the...August 23, 2019
Here’s Your Inside Look at the ‘Hybrid Properties’ Celebrities Stay in While Shooting Away From Home
You’ve already seen plenty of features about celebrities’ multi-million dollar homes. But chances are high that you haven’t read much about...August 21, 2019
This is The Adorable London Townhouse Where Kate Middleton Lived With Her Sister Pippa Before Marrying Into The Royal Family
It seems like plenty of former ‘royal residences’ are going on the market these past months. After Meghan Markle and her...August 20, 2019
Celebrity Chef Giada de Laurentiis Just Bought a New Home! See Inside Her $4.86 Million Bungalow
Judging from the celebrity real estate transactions that make the news, it seems that the rich and famous really do have...August 19, 2019
Nick Jonas Just Said Goodbye to His Beverly Hills Pad—Here’s How Much He Profited From Its Sale
It seems like singer Nick Jonas is really embracing his new life as a married man. Proof of this is his...August 16, 2019