Property News · October 30, 2019

Billionaire Cecil Chao experiments with co-living to avoid Hong Kong’s looming vacancy tax


Billionaire Cecil Chao Sze-tsung’s Cheuk Nang (Holdings) is offering seven flats at its One Kowloon Peak luxury residential project as co-living units in a bid to avoid vacancy tax amid downbeat sentiment.“The penalty is quite high if you do not lease them. If it [vacancy tax] is really implemented, the impact on Hong Kong’s developers will be very big,” said Chao, 83, chairman of Hong Kong-listed Cheuk Nang in an exclusive interview with the Post. “As a developer, we definitely oppose it,…

Source : South China Morning Post
Read more…Billionaire Cecil Chao experiments with co-living to avoid Hong Kong’s looming vacancy tax

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