Gold Coast Jewel towers Chinese former figurehead in Aussie ban

The Chinese ex-figurehead of a firm behind the Gold Coast’s $3.4b Jewel towers has had his Australian citizenship blocked in a national security drama. What does it mean for the Jewel?

THE Chinese ex-figurehead of a firm behind the Gold Coast’s $3.4b Jewel towers has had his Australian citizenship blocked in a national security drama – but the company says it is “business as usual”.

Now banned Chinese businessman Huang Xiangmo, who was living in Sydney and was chairman of Jewel developer Yuhu Group, has sensationally had his Australian citizenship application blocked and residency axed whilst out of the country.

It blocks his return to a $13m Sydney mansion home.

Former Yuhu Group chairman Huang Xiangmo who has had his citizenship application blocked and residency axed whilst overseas. Picture Renee Nowytarger

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As the news broke yesterday, Yuhu Group issued a statement saying he “no longer holds any position in the company” and “is not involved in day-to-day operations”.

His young son Jimmy has replaced him as chairman. He was elevated to the role late last year. Jimmy, 23, is understood to still live at the $12.8m mansion his father bought at Mosman, Sydney, because it had good feng shui.

Jimmy was the Yuhu CEO up until the December shake-up, leading recent efforts to keep the Jewel towers on Surfers Paradise beachfront on track after site walk-offs by sub-contractors and strikes.

Aerial view of Jewel worksite after workers walked off the job today. Picture Glenn Hampson

The walk-offs and strikes were sparked by uncertainty and work halts when Yuhu Group retendered major aspects of the project, being overseen by leading site contractor Multiplex.

Despite the citizenship scandal erupting, a Yuhu Group statement: “Regardless, the company’s operations and projects are certainly continuing. It is business as usual.”

The ambitiously-designed three Jewel towers, comprising a hotel and apartments at the beach edge, are scheduled to be completed in July.

The Home Affairs and Immigration Department banned Huang Xiangmo on the recommendation of the Australian Security Intelligence Organisation (ASIO).

Aerial view of Jewel worksite after workers walked off the job late last year. The project is said to be on track for completion in July. Picture Glenn Hampson

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A key plank of ASIO’s recommendation was apparent paid-up roles in the Chinese Communist Party’s United Front Work Department which aims to influence political opinion internationally. Ex-Labor Senator Sam Dastyari’s career was destroyed by links to Huang Xiangmo.

Australia Strategic Policy Institute executive director Peter Jennings said from the moment Mr Huang arrived in Sydney in 2011 he spent big on political and charitable donations, business investment and property for an impression of affluence, influence and permanence.

He pumped $1.8m into ex- Premier Bob Carr’s Australia-China Relations Institute at the University of Technology Sydney. Yesterday a UTS spokesman said the university has “no current links to Mr Huang Xiangmo or to his company, Yuhu Group.”

Mr Jennings said inspection by the UTS think tank would have shown “Mr Huang is one of those mystery billionaires who appeared out of nowhere in China ... not unusual in China where there is a complete lack of transparency in regards to its business dealings”. - additional reporting by Charles Miranda.