Elizabeth Knight comments on the potential impact to Australian businesses after a government crackdown on Crown Resort's offices in China.
As Crown chairman Rob Rankin readied himself on Thursday morning to face Crown Resorts shareholder meeting in Perth, a sold sign went up on his Double Bay apartment.
The ground-floor apartment was listed four months ago for $4.95 million, and is expected to have sold for close to that original asking price.
The sale is a spot of good news for the Hong Kong-based Rankin coming less than a week after 18 Crown employees were detained by authorities in China as part of a clampdown on the Australian casino company.
Rob Rankin’s apartment in Gladswood House, Double Bay, has sold.
As the crisis unfolded this week shareholders have watched on as more than 10 per cent has been wiped off the value of their shares, and questions remain as to why Crown was targeted by the Chinese authorities.
The apartment in the historic Gladswood House on the waterfront was listed in June with Ken Jacobs and Darren Curtis, of Christie’s International. There was no comment from the agents, but it came up as sold on Thursday morning, and the agents had maintained the $4.95 million asking price as of earlier this week.
Rankin bought the 250 square metre spread in 1999 for $2.15 million from the IPM developer after the 1850s-era Gothic mansion was converted into seven luxury apartments.
The Double Bay apartment is expected to have sold for $5 million.
Rankin’s one-time bachelor pad has been an occasional on-again, off-again listing since 2008.
The three-bedroom apartment had been more recently renovated. Its main features were the harbour views and intricately detailed ceilings and an impressive baronial fireplace in the main bedroom.
Rankin and his wife Paula still hold their Edgecliff mansion Woodlands that they bought in 2003 for $6,825,000, although Rankin is known to stay at his boss James Packer’s Bondi Beach residence when he returns to Sydney.