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.

Political donor Huang Xiangmo pictured on the balcony of his house in Mosman. Credit:James Brickwood

His involvement in the huge property deal indicates that his father, Xiangmo, who has been under scrutiny from ASIO amid the political donations and foreign influence controversy, could be preparing to step back from the family's Australian real estate business, Yuhu Group, as his application for citizenship stalls.

After a week of mystery over the identity of the buyer of Wanda's flagship Australian projects, Wanda revealed to the stock market in Hong Kong that it had sold its properties at the knockdown price of $312 million in cash and $807.1 million in debt repayment.