New Teeth for FIRB Laws

Article Lead - wide6690016013twvoimage.related.articleLeadwide.729x410.13twhs.png1425359486686.jpg-620x349 We recently talked about the new teeth for FIRB laws and it would seem that the Treasurer Joe Hockey is following up words with action. Lucy Macken from Fairfax has just reported, “Treasurer Joe Hockey has announced the forced sale of the $39 million Point Piper mansion Villa del Mare on Tuesday because it was sold in contravention to the existing foreign ownership laws.”

“If the divestment order is enforced, it will bring under scrutiny other trophy home sales in Sydney in recent years, such as the waterfront mansion Altona, which sold for $52 million in 2013 to a Melbourne-based man who is widely tipped to be a front for a wealthy Chinese man Shu Wang.” Seems that there are votes in giving teeth to the new FIRB laws for the Liberal Government.