PHOTO: China’s superstar and former billionaire Liu Xiaoqing has starred in more than 60 movies and television shows since the 1980s.
The Residence tower at Hyde Park has traditionally attracted China’s elite, with superstar Liu Xiaoqing aiming to outdo them all with her sub-penthouse, currently listed at an $18 million guide price.
Liu has been a prominent figure in China since the 1980s, not only for her roles in over 60 films and television shows but also for her business success, which led Forbes to rank her as China’s richest woman in 1999. However, her time on the wealthy list was short-lived. Three years later, she transitioned from being a billionaire to a prisoner at China’s notorious Qincheng Prison after being convicted of tax evasion and fined 7.1 million yuan.
Putting her 14-month incarceration behind her, Liu’s fortunes have since rebounded.
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In 2015, during a visit to Australia, she acquired one of the sub-penthouses in The Residence, located in Darlinghurst, for $8.8 million from fund manager Alwyn Heong.
At the time, the iconic building was already a popular choice among well-heeled international buyers. China’s shipping magnate Shannian Huang had set a high mark by purchasing the penthouse new for $17 million, although he incurred a loss in 2019 when it sold for $14.5 million.
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The adjacent penthouse was previously owned by “Red Princess” Bao Bao Wan, the granddaughter of the late Vice-Premier Wan Li, until it changed hands for approximately $13 million in 2017. Liu’s three-bedroom sub-penthouse is currently listed by Paul Liu of Millennium Capital Realty.
SOURCE: DOMAIN