Strife mounts for Yuhu founder Huang Xiangmo

Chinese property developer Huang Xiangmo is facing major problems across his ­portfolio of Australian real estate assets.

Xiangmo Huang, left, and his son ­Jiquan (Jimmy) at the Jewel site on the Gold Coast.

Billionaire property developer and political party donor Huang Xiangmo is not only stranded in Hong Kong, suspected by many of being a Chinese Communist Party influence agent, but he is also facing major problems across his ­diverse portfolio of Australian real estate assets.

Mr Huang, now an adviser to his Yuhu Group, which is owned by his wife Jiefang and his son ­Jiquan (known as Jimmy), has just 13 days to come up with another $10 million to postpone the completion date on a major Sydney real ­estate deal or face the prospect of paying for the $380m property development, the Bakehouse Quarter, in full.

On a much larger scale, Yuhu Australia Group, which installed Mr Jiquan as chief executive less than two months ago, is yet to ­appoint builders for its $3 billion-plus One Circular Quay development even though demolition of what was the Goldfields House has been completed and early works are continuing.

Yuhu Group Australia said in a statement yesterday it did not speak for Mr Huang.

“As reported last year, Mr Huang no longer holds any position at the company, is not ­involved in day-to-day operations, nor does he hold any shares,” the statement said.

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

The company told The Australian in writing in December that Mr Huang was available to “advise the new leadership team”,

Meanwhile, on Queensland’s Gold Coast, Yuhu has been ­embroiled in several disputes with builder Multiplex over the triple-tower Jewel complex and is yet to announce a hotel operator.

In Sydney, Yuhu has been negotiating to buy the Bakehouse Quarter development and associated land in North Strathfield for two years. It has until February 20 to pay a further $10m to extend the completion of the contract to April 18.

“So far Yuhu have paid $48 million in option fees and the like which has been released to us,” Stuart Brown, chief executive of Blackwall, the vendor of the Bakehouse Quarter, said yesterday.

“If completion doesn’t happen, we are happy to keep the $48 million and the property and continue to develop it.

“That said, we have an unconditional contract to sell, to which we have negotiated a number of amendments with Yuhu. On each occasion Yuhu have performed as agreed, so we have no reason to believe that the sale won’t complete as contracted.”

Closer to the CBD, Yuhu is yet to appoint a builder to its One ­Circular Quay development that now will ­include 165 apartments, down from the original 190 units, plus a hotel and retail.

Yuhu consistently denied reports when asked by The Australian whether it was the secret buyer of the Goldfields House site from Wanda last year.

Other Yuhu Group projects ­include a 21-level, twin-core apartment tower, The Miller, in North Sydney and the Eastwood Town Centre, also in Sydney.

The non-English-speaking Mr Huang has in recent years made several attempts to engage in Australian culture, including a commercial sponsorship deal with AFL club the Sydney Swans.

The Chinese Communist Party-aligned Mr Huang came to national prominence in 2017 when it was revealed Yuhu had paid the personal legal bills of then federal senator Sam Dastyari.

It is understood Mr Huang’s ­application to become an Australian citizen has been rejected and his permanent residency has been cancelled.

A senior business source, speaking on condition of anony­mity, said yesterday: “It’s good to see the government is actually acting in the interests of Australia. There should not be an external influence in politics. It sends a very clear message it won’t be ­tolerated.”