Foreign buyers who have illegally bought homes in Australia have been forced to sell several luxury homes over the past two years, and the total value of the homes being sold now amounts to A $107 million.
And according to Australian media reports, most of the super luxury homes were bought by Chinese billionaires.
The wave of crackdowns on home purchases by illegal overseas buyers came as Joe Hockey, the former finance minister, demanded that a Chinese tycoon give up the 40 million worth of luxury homes he bought at Point Piper.
Foreign buyers who have failed to comply with the rules on overseas investment in Australia have been forced to sell 61 properties with a total value of more than A $107 million.
In fact, the wave of crackdowns on illegal investment began in part as a response to the overexpansion of Australia`s property market due to wealthy overseas investors.
Scott Morrison, the current finance minister, said:
"the forced sale of these properties with a total value of more than 10 million also underscores the determination of Trumble goverment to strengthen this policy management, so that foreigners who illegally own Australian properties will be identified one by one. And these illegally held properties will also be forced to give up. "
"under the leadership of the Labour Party, no foreigners were forced to deprive themselves of illegally held property in Australia."
In 2015, Mr. Hockey, then finance minister, gave Xu Jiayin 90 days to sell Villa del Mare..
At the time, the property was purchased by Xu`s company, Golden Fast Foods, without applying for FIRB (Foreign Investment Review Board).
Just days after the property was forced back into the market by the federal goverment, the property was bought by Lola Wang Li, a Chinese Australian born in China, by the head of LL International.
Other luxury properties held by Chinese people who were forcibly sold by Mr Morrison include Chinese businessman Li Jianguo who bought a $5.2 million Melbourne mansion in 2014.
An ocean-view mansion with a value of $2.5 million in Queensland was bought by a Chinese businessman, Chen, and is now being forced to withdraw.
The new state was forced to sell a property worth A $1.8 million in Eastwood, and A $ seven hundred and fifty thousand in Fairfield and A $ eight hundred and sixty thousand nine hundred and ninety nine in Allawah.
Across Australia, 13 properties have been forced to sell under the policy, 31 in Victoria, 11 in Queensland, 4 in Western Australia, one in Tasmania and one in South Australia.
In addition to China, foreigners from the Philippines, Iran, Malaysia, Indonesia, Germany, Britain and Canada were also affected.
