Here's who bought Villa del Mare, the mansion Hockey forced one of China's richest men to sell

Villa del mare will be sold. Source: Lila Delman Real Estate International

The mystery buyer of Villa de Mare, the Sydney waterfront mansion that Joe Hockey forced one of China’s richest men to sell, is Lola Wang Li of Pyrmont.

According to Property Observer, Li, currently lives in an apartment on Darling Island Road, Pyrmont.

Li, 48, is believed to have bought the property eight years ago for $2.7 million, and currently has a $1 million mortgage against the purchase.

Chinese-born Li is the director of LL International, a company which has been registered since 1996.

Now based in Vaucluse, the company used to be registered at Haymarket, in an apartment that remains in the Li family ownership.

While the price of the sale has still not been confirmed, the Sydney mansion is expected to have been bought for $41 million to cover the previous $39 million sale and incurred stamp duty.

Earlier in the year Golden Fast Foods failed to notify the Foreign Investment Review Board upon the purchase of Villa del Mare, in Point Piper, forcing Hockey to order Evergrande Real Estate Group founder Xu Jiayin to sell the property.

Golden Fast Foods is owned by Evergrande Real Estate Group, a Hong Kong Stock Exchange-listed company founded Jiayin, who is worth more than $7 billion and among China’s 20 richest people.

Under the Foreign Acquisitions and Takeovers Act non-resident foreign nationals cannot buy established dwellings as homes or investments and all foreigners require approval to buy residential real estate.

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