The sprawling Darling Point Gothic estate Bishopscourt, former home of the Anglican Archbishop of Sydney Glenn Davies, is now in the name of Caleb Wang, understood to be 17-years-old, after being transferred last month from his father, Chinese billionaire Wang Qinghui. The Chief Executive of leading Chinese international real estate website Juwai.com, Carrie Law, said China did not have an inheritance tax and it was impossible to know intimate details of the family's tax situation and why this transfer might make financial sense. "But it is very common for wealthy Chinese to transfer assets to their children," she said. "Some rich Chinese parents are eager for their children to grow up with a sense of responsibility, with proper social graces, and with the ability to successfully manage their money," reports Domain (10 January 2019).
