Chinese property owner won’t profit from forced sale of $5m mansion

A Chinese property owner has been forced to sell a $5m mansion.

The purchase was made without approval from the Government, which is required before an overseas owner can buy an existing property.

Federal Assistant Treasurer Kelly O’Dwyer told Ross and John the owner will not be allowed to profit from the sale. 

Ms O’Dwyer said the Tax Office now has up to 50 people tasked with investigating foreign ownership laws.

Click play to hear more detail from Kelly O’Dwyer