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.
A Steal
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
-
`
Celebrity Business Ventures That Failed
We all love our favorite celebrities and when it comes to businesses, their names and views can easily sway the masses into...
December 3, 2023 -
`
Why You Need to Think Twice Before Buying a House
So, you have been scrolling through real estate listings, envisioning your dream kitchen, and even bookmarking paint colors for the nursery....
November 26, 2023 -
`
Santo Spirits: Sammy Hagar and Guy Fieri’s Joint Venture
In the world of business partnerships, some combinations might seem unconventional at first glance. But when you delve deeper into the...
November 16, 2023 -
`
Everything You Need to Know About Mortgage Rate Lock
You have probably embarked on the exciting yet nerve-wracking voyage of purchasing a home. Amidst the sea of paperwork, open houses,...
November 9, 2023 -
`
7 Effective Ways to Make Your Business More Sustainable
In an age of rising environmental consciousness, making your business more sustainable isn’t just a trend; it’s a necessity. Sustainable practices...
November 3, 2023 -
`
Housing Market Going Up? Then Why Not Rent?
“Buy a house! It is the best investment!” How many times have you heard that? Probably enough to make a drinking...
October 29, 2023 -
`
Surprising! Celebs Who You Didn’t Know Had a Master’s Degree
When it comes to celebrities, we often associate them with glitz, glamour, and blockbuster movies. But did you know that some...
October 17, 2023 -
`
Navigating the Housing Maze: The 7% Mortgage Rate Quandary
If there is one thing that this year has thrown our way (apart from those fascinating tech gadgets we did not know...
October 12, 2023 -
`
Where to Buy a House in the U.S With a $100K Salary
Got a cool $100,000 annual paycheck in your pocket? Cheers to that accomplishment! With such a financial cushion, dreams of homeownership...
October 6, 2023
You must be logged in to post a comment Login