On the QT: Ryu Li, Honkers billionaire, and his Ridong group recoup more of $24m spent on Ephraim Island property in GFC

There’s movement on Ephraim Island and some big bucks are changing hands.

RYU Li, Honkers billionaire, and his Ridong group have recouped more of the $24 million spent on Ephraim Island property in the GFC.

A selldown of the eight housing lots and three villas has been under way since 2011, with buyers including jeweller John Calleija’s wife Noni who snared three lots.

The latest sales, both to ULA lighting boss Cuono Biviano, are for a villa at $4 million and a lot at a rebated $2.715 million.

Ephraim Island.

Entree for Chinese investors

IT’S emerged that buying the Ruffles lodge and spa at Willowvale for $4.5 million in 2013 was just part of a Gold Coast entrée for Chinese investors Jinmin Qu and Baijang Cheng.

They were the buyers who in 2016 paid managed-rights veteran Frank Picone $13.25 million for his beachfront Mermaid Beach home and Jinmin previously had bought a $4.5 million Soul sub-penthouse.

Ruffles is on the market and so is the Soul property -- at $3.98 million.

Buyer scoping out Martha’s Vineyard

THERE might be some light at the end of the tunnel for Canadian group Brookfield in its efforts to sell a 153ha Currumbin Valley property known as Martha’s Vineyard.

A would-be buyer who might pay north of $20 million for the undulating former dairy farm is believed to be running a ruler over it.

Brookfield inherited the property last year when it took over Aveo, whose forerunner FKP, had paid $75 million for it in 2007.