THE OWNERSHIP MERRY-GO-ROUND

Ridong Group bought the Surfers Paradise site in August 2009 for $81 million from receiver of failed mortgage fund City Pacific, borrowing funds from the seller.

Ridong sold 55 per cent of the project to Wanda in 2014, reportedly for $300 million, clearing their debt, turning a profit and retaining 45 per cent of the development

Ridong sold their remaining 45 per cent share to Yuhu Group in February 2018 for an estimated $260 million, ending their lucrative association with the site.

Wanda sold their 55 per cent share of Jewel, worth $317 million, to Yuhu Group in May 2018, as part of a $1.13 billion deal which included Wanda’s Sydney project One Circular Quay

Yuhu Group, whose founder is controversial political donor Huang Xiangmo, is now sole owner of Jewel.