Developer Yuhu Group pushes ahead with projects despite founder's cancelled residency

Property development giant Yuhu is pushing ahead with its Australian projects despite its founder being refused entry back into the country.

Chinese billionaire and Beijing’s former top lobbyist in Australia Huang Xiangmo had, as recently as December, handed over the reins to his 24-year-old son Jimmy Jiquan Huang who assumed the role of chairman. 

The Age and Sydney Morning Herald reported Mr Huang snr was fighting to return to his $12.8 million Mosman mansion after he was notified by Australian officials while out of the country that his long-stalled application to become an Australian citizen had been turned down.

Domain contacted Mr Huang’s son, Yuhu chairman Jimmy Huang, for comment but he was unavailable. In a statement, Yuhu Group Australia said it did not speak for Mr Huang snr.

The company’s spokesperson said Mr Huang “no longer holds any position at the company, is not involved in day-to-day operations, nor does he hold any shares”.

“Regardless, the company’s operations and projects are certainly continuing, and it is business as usual,” the spokesperson said.

While Yuhu’s claims distanced the company from its founder, they failed to acknowledge the corporate ownership by his Hunag snr’s wife “Fiona” Jiefang Huang and his son Jimmy Huang.

Yuhu Group is majority owned by Yufeng Investment Group, of which 70 per cent is controlled by Haibin Investments, an investment vehicle owned by Huang snr’s wife and son. Both entities are registered to Mr Huang snr’s Mosman mansion.

Yuhu Group is developing a number of projects, including two major building developments: One Circular Quay in Sydney, a luxurious mixed-used building, and Jewel on the Gold Coast, which consists of three residential towers.