Beijing: The son of controversial political donor Huang Xiangmo has emerged as the mystery buyer of two, billion-dollar apartment projects at Circular Quay and the Gold Coast, sold in a firesale by China's biggest property developer, Wanda.

It is the first real estate purchase for Jimmy Huang, 23, who recently graduated in economics from university and is believed to live at his parents $12.8 million mansion atop Beauty Point in Mosman.