A Chinese tycoon who plunged millions of dollars into Melbourne's property market has been permanently banned from entering South Korea over allegations he sexually harassed two women on his private jet.

Wang Hua, 59, who bought the Heritage Golf Club in the Yarra Valley and a Toorak trophy home, was accused of sexually harassing a South Korean flight attendant and an assistant in separate incidents in February and March 2016, as they travelled between China and South Korea.

Wang Hua with the house in St Georges Road, Toorak he bought for $18.5 milllion in 2013 and the Heritage Golf and Country Club in Chirnside Park.

Mr Wang was also the subject of a bitter legal dispute in the Supreme Court of Victoria over claims he used his private jet to bring in a suitcase full of US dollars that was deposited with the local branch of a Chinese bank.

Mr Wang, who is founder and chairman of the Nanjing-based conglomerate Jeshing Group, is understood to have reached a financial settlement with the two women, who agreed not to press charges despite making reports to police.