Chinese couple buys Beverly Hills mansion for US$34.5m
- By He Shan
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E-mail China.org.cn, June 4, 2012
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The luxury mansion purchased by a Chinese couple is on Sunset Boulevard. |
A Chinese couple paid US$34.5 million for a mansion on Sunset Boulevard in Los Angeles, a buying that indicated that American property remains an attractive investment for foreign investors.
The Chinese couple, reportedly to be named Siqiao Ning and Karen, bought the 36,000-square-foot French-style house owned by the real estate tycoon C. Frederick Wehba. The mansion was built on a 2-acre site with 9 bedrooms, 13 bathrooms, a tennis court, and a pool pavilion.
The mansion was first listed in the summer of 2010 for US$68.5 million. The price was knocked down to US$55 million before being relisted for a third time this February for US$49.5 million, according to a Wall Street Journal report.
The Chinese buyers are entrepreneurs based in China and who love to travel, according to a person close to the couple.
It was not the first time that Chinese buyers had splurged on an American property. In 2010, a Chinese American couple paid US$3.1 million for a luxury home previously rented by Michael Jackson in Las Vegas. In the same year, an unidentified Chinese businessman bought a 5500-square-foot apartment in Manhattan for an astounding US$33.2 million.
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