Chinese Billionaire Zetian Zhang Sells Sydney Penthouse at a Multimillion Dollar Loss
China’s youngest female billionaire Zetian “Nancy” Zhang has sold her luxury Sydney penthouse for $13.5 million incurring a lost of $2.7 million from its original price.
The 25-year-old billionaire initially acquired the three-story residence for $16.2 million in 2015 and listed it for sale in 2017. Sources have yet to confirm the reason behind the sale and loss. However, it’s worth noting that Australian urban luxury real estate prices are currently on a decline after years of growth.
A Luxurious Gift From Her Billionaire Husband
The four-bedroom penthouse atop the 30-level luxury building Stamford Residences was originally a gift from her husband and fellow billionaire, Richard Qiangdong Liu, before they were married.
They were frequent visitors of Sydney at the time of the purchase with Liu keeping his own waterfront mansion at the Vaucluse suburb of the city. The mansion, which also previously accommodated Hollywood actor Leonardo DiCaprio, has since been sold in 2018 as well.
Zhang reportedly listed the Thomas Hamel-designed luxury apartment for sale in June 2017 hoping to get $18 million for it from its original $16.2 million price tag.
However, it seems she wasn’t spared by the current decline in Sydney’s housing market prices. According to the latest housing data, the previous year saw a record decline of 8.9% which is the largest one recorded since the early 1980s. Experts point to the rising number of unsold properties in the area as the reason for the weakening of prices.
After a year and a few months in the market, her property was finally bought for $13.5 million resulting in a $2.7 million loss in December last year.
A Small Dent in Her Fortune
While the loss amounted to a couple of million dollars, it’s just a small dent in her multibillion-dollar fortune.
At just 25, Zhang has a reported net worth of about $11.6 billion. She became the youngest female billionaire in China when she made it to the top 500 rich list of the Chinese magazine New Fortune.
Meanwhile, her husband Liu, who’s the CEO of the highly successful e-commerce site and Alibaba competitor JD.com, has a net worth of $12.7 billion.
Aside from helping her husband build JD.com’s fashion portfolio, Zhang is also a venture capitalist and currently has interests in various Chinese startups and companies including Uber China.
Zhang first became popular after a photo of her holding a cup of milk tea became viral in 2019. This led to the public giving her the nickname ‘Sister Milk Tea’.
Zhang’s former property is now owned by another couple, Ramy Arnaout and his wife Nadia, who is in the hotel business. Although they were quite secretive in their purchase of the penthouse, media outlets were able to confirm their identity from the records of the property’s sale.
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