21-04-2025
- Business
- Sydney Morning Herald
Media baron snares Sydney's most expensive home of the year
As status symbols go among Sydney's cashed-up Mandarin speakers, owning Indulgence magazine would have to rank as a fairly good one. The glossy quarterly is, after all, pitched as 'the only magazine designed exclusively for wealthy Chinese tourists, business travellers, professionals and high-net-worth individuals living in Australia'.
What could be better? A trophy home, of course. And so it is that Linge Dai has rounded out his discretionary spending to include the $55 million beachfront house in Rose Bay sold by recycled shopping bag businessman Frank Qiang Geng and Juanjuan Zhao.
Alas for Dai, the 62-year-old might have maintained a level of relative anonymity among Sydney's media proprietors if not for his purchase of recent months, revealed on publicly available title records and expected to settle later this year.
Home owners juggling interest rates and cost-of-living expenses will be heartened to know the Rose Bay house is the highest sale price of the year, so far.
Better yet, Dai can now put aside any need to renovate the doer-upper he bought a year ago for $24.5 million in Vaucluse.
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Ximi Media, which bought Indulgence in 2021, is one of three subsidiaries of Ximi Group, all with their own worthy, but fairly impenetrable, descriptions.
There's Ximi Fashion, which is billed 'an affordable luxury fashion brand bringing creative ideas of different independent designers'. Then there's Ximi Education, which 'focuses on the integration of creativity, experimentation, innovation, critical thinking and risk-taking, with an open and innovative attitude, to provide a diverse and international art and design educational environment for the young generation'. Whatever that means.
Meanwhile, Geng and Zhao won't be left without shelter. They're off to Point Piper where a year ago they agreed to pay about $82 million for the Rockleigh mansion owned by medical specialist Philippa Harvey-Sutton.
