Chinese Billionaire Movie Star Selling Multi-Million Dollar Luxury Penthouse

Liu Xiaoqing's sub-penthouse in The Residence at Hyde Park is wished to set an $18 million high for the architect Scott Carver-designed tower. Domain

Chinese movie star Liu Xiaoqing has listed her Sydney luxury penthouse for a guide price of $18 million (US$11.6 million).

Ms. Liu, a household name in China since the 1980s, is known for the over 60 films and television shows in which she starred, as well as for her business success, which prompted her to be ranked by Forbes as China’s richest woman in 1999.

However, the superstar was thrown into China’s notorious Qincheng Prison in 2002 after a conviction for tax evasion with a 7.1 million yuan (about A$1.52 million) fine, which almost wiped out her fortune.

Ms. Liu later disclosed in her autobiography that she was arrested due to offending former Chinese Communist Party (CCP) leader Jiang Zemin. At the end of 2002, before Ms. Liu’s case was concluded, the former leader ordered people to sell all of Ms. Liu’s real estate, including her company’s real estate, leaving her without a place to live.

From a famous billionaire to a prisoner, the huge gap almost made Ms. Liu collapse. To return to the showbiz after being released, she lowered her status and started anew as a walk-on actress, slowly improving her fortunes.

Ms. Liu’s three-bedroom luxury apartment is located on the top floor of The Residence building. The 24-storey building is located in Darlinghurst, one of Sydney’s busiest areas in the heart of the city, next to Hyde Park.

Liu Xiaoqing, a household name in China since the 1980s, is known for the over 60 films and television shows in which she starred. VCG/VCG via Getty Images

Formerly a police headquarters building, The Residence was converted into an apartment building in 2011, when it started selling at around $1.75 million. The building consists of 87 two- and three-bedroom apartments, averaging 140 square meters and 200 square meters respectively.

The two penthouses, both three-bedroom apartments, enjoy 270-degree views of the city and harbor overlooking Hyde Park. In 2015, Ms. Liu bought one of the sub-penthouses for $8.8 million while visiting Australia.

Millennium Capital Realty, a real estate company is currently responsible for selling Ms. Liu’s luxury apartment, which has a guide price of $18 million.

Ms. Liu is not the only Chinese rich who favoured The Residence, as the landmark building became popular among international buyers.

In 2019, Chinese shipping magnate Huang Shannian copped a multimillion-dollar loss on his penthouse atop The Residence by selling it for $14.5 million to a developer, after he set a high of $17 million buying it new.

Bao Bao Wan, the founder of her namesake jewelry brand and the granddaughter of Wan Li, former chairman of the CCP’s Standing Committee of National People’s Congress, was the owner of another penthouse, before she sold it in 2017 for about $13 million.

Comprising of 87 luxury apartments over 23 levels with views towards Sydney’s city skyline and harbour, The Residence building is equipped with a 20-meter swimming pool, spa, sauna, steam room, gym, private dining facilities, and a wine storage area.