33-year-old Chinese woman splashes US$84.2 million in cash on exclusive 49-room property in Sardinia

A 33-year-old Chinese woman has paid €80 million (US$84.22 million) in cash for a 49-room property with three private beaches on the exclusive Italian island of Sardinia, according to the island’s oldest newspaper, L’unione Sarda.

The buyer was identified as Nani Wang, and her name is the same as that of a former board director of JD Health International, the healthcare arm of Chinese e-commerce giant JD.com. Her name was revealed when a cashier certified Wang’s signature on an urgent transfer note for the money to a Swiss bank account that is believed to belong to the seller, on April 18, the Sardinian newspaper reported. Joseph Jack Setton, an American, was named as the seller of the property.

JD Health did not respond to an emailed query by the Post.

It is one of the biggest property transactions by Chinese buyers since China was hit by the pandemic in 2020. Last year, Chinese buyers bought US$2.3 billion worth of property in Europe, down 18 per cent from US$2.7 billion in 2020, according to Real Capital Analytics, which tracks deals worth at least US$10 million. From January to May this year, this investment has already reached US$1.4 billion, it added.

“Luxury properties that come with private beaches [in famous tourist spots] are sought after, as these are rare products in the market,” said Vincent Cheung, managing director of Vincorn Consulting and Appraisal in Hong Kong. The property could have been acquired for self-use or for turning into a prestigious resort for the rich and famous, he added.

“Billionaires can use it to entertain their guests, as it serves as a status symbol of wealth. They also like owning vineyards and waterfront villas,” Cheung said.