Chinese home purchase deplorable: Shorten

Opposition Leader Bill Shorten believes it's "absolutely deplorable" that a Chinese property developer could conceal investment in one of Sydney's most famous homes to dodge federal laws.

Businessman Wang Zhijun, who paid $52 million for the Point Piper mansion Altona, is said to be hiding his interest behind an elderly Melbourne couple to avoid foreign investment laws.

Prime Minister Tony Abbott says the government is cracking down on foreign investment law breakers, but Mr Shorten told reporters in Canberra on Thursday the crackdown has to be more than just an announcement.