Chinese shipping magnate looks to cash in Sydney penthouse with $26m hopes

China’s shipping magnate Shannian Huang is cashing in on his Sydney trophy home, listing his penthouse atop The Residence at Hyde Park for $26 million.

Joining the Shanghai-based billionaire on the market is digital media chief executive Matthew Kapp with $16.5 million hopes on his Potts Point penthouse.

The timing of the two sales campaigns comes at the end of a bullish 12 months on the local trophy apartment market that has seen the $27 million record of 2016 smashed twice thanks to a $40 million purchase by venture capitalist Bob Blann and a $60 million purchase by James Packer in the Crown Resorts development at One Barangaroo.

Jason Boon, of Richardson & Wrench Elizabeth Bay, is in no doubt that it is Sydney’s local cashed-up downsizers driving the market for centrally located apartments in village areas like Potts Point but, as the Aussie dollar falls — down to 72 cents on Wednesday — our high-end market looks more appealing to international buyers.

Huang, the founder of shipbuilding giant Shanghai Zhouji, is believed to have spent very little time in the prized Sulman penthouse, despite paying $17 million for it new in 2013 for his son Hugh Huang.

The two-storey spread with private rooftop pool in the building’s coveted north-east corner was Sydney’s second highest apartment sale when Huang bought it, topped only by the $21 million double penthouse purchase by fund manager Will Vicars in Bondi Beach.

Since then Sydney’s luxury apartment market has gone into hyperdrive, with the record smashed multiple times to stand at $60 million thanks to James Packer’s apartment purchase in his Crown Resorts development at One Barangaroo. 

Property developer John Boyd hopes to beat those with a $66 million guide on his award-winning penthouse atop the landmark ANZ Tower.

Craig Donohue, of McGrath Estate Agents, launched Huang’s own two-storey spread on Wednesday with a $26 million guide.

The Shanghai-based Huang, who was ranked China’s 88th richest person on China’s Hurun Rich List in 2009, is far from the only well-heeled buyer from China to own in the prized College Street tower.

The Archibald penthouse adjoining Huang’s was owned by China’s “Red Princess” Bao Bao Wan, whose late grandfather Wan Li was a first generation Communist revolutionary who rose to become vice-premier and chairman of the National People’s Congress.

Wan bought the south-west facing apartment in an associate’s name for $10.5 million in 2015 and sold it in 2016 for about $13 million.

The sub-penthouse is owned by Chinese movie star Liu Xiaoqing, who bought it in a company name in 2015 for $8.9 million from fund manager Alwyn Heong.

Meanwhile, the $15 million Potts Point record set in 2012 when billionaire developer Bob Ell sold the penthouse and a separate apartment below in the Pomeroy building through Boon is expected to tumble when Kapp sells his Villard spread.

The co-founder of Ozmota Ventures bought the two-storey apartment with a private rooftop pool for $4.69 million in 2000 from Tim Higgins, of the Design Establishment furniture company.

Values in the acclaimed building have soared since, with legendary punter and racehorse owner Max Whitby selling the sub-penthouse last month for $12.5 million.

Boon is expected to launch the Villard penthouse to buyers on Wednesday.