{"id":38079,"date":"2016-12-14T13:29:18","date_gmt":"2016-12-14T06:29:18","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/find-out-how-these-billionaires-dodged-hong-kongs-new-property-curbs\/"},"modified":"2016-12-14T13:39:02","modified_gmt":"2016-12-14T06:39:02","slug":"find-out-how-these-billionaires-dodged-hong-kongs-new-property-curbs","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/find-out-how-these-billionaires-dodged-hong-kongs-new-property-curbs\/","title":{"rendered":"Find out how these billionaires dodged Hong Kong\u2019s new property curbs"},"content":{"rendered":"


\nTwist: Asia\u2019s most expensive apartments had a royal bargain in taxes
\nVictoria Harbour, Hong Kong at night. leungchopan\/Shutterstock
\nWhile Hong Kong\u2019s new property curbs have had its intended effects, they still seem to have big enough loopholes to drive mansions into.
\nUltra-high-net-worth individuals in Hong Kong have found technicalities to game the property curbs announced early last month on the watch of Hong Kong Chief Executive Leung Chun-ying.
\n\u201cSince the policies of CY Leung were introduced, most of the tycoons have been finding ways around them,\u201d Alan Wong, director of the Hong Kong market at Landscope Christie\u2019s International Real Estate, told Bloomberg.
\nThe curbs include an additional stamp duty of 15 percent for non-permanent residents and penalties for buyers who put their homes back on the market within three years.
\nThe curbs tax first-time property purchasers at much lower rates however.\u00a0\u201cThis is clearly a loophole,\u201d said Raymond Yeung, chief economist at Australia & New Zealand Banking Group Ltd in Hong Kong. \u201cThe government hadn\u2019t thought about this before they launched the measure.\u201d
\nMore: Stamp duty blues: Hong Kong buyer slapped with USD12 million tax bill
\nThree homes\u00a0at The Peak sold for a record HKD1.2 billion (USD155 million) as Asia\u2019s costliest apartments to date. The mystery buyer has been revealed to be Edwin Leong, one of China\u2019s biggest retail moguls, who somehow managed to qualify as a first-time home buyer and consequently saved 10.75 percent or USD17 million in taxes.
\nFirst-time buyers comprised around 70 percent of apartment sales since the curbs had been\u00a0announced on Nov. 4, Bloomberg reported, citing data from Jones Lang LaSalle.
\nApart from posing as a first-time purchaser, residents can skirt the taxes by buying a shell company that owns a property, a transaction that qualifies as a share transfer. The purchase of a detached Kowloon home worth HKD410 million late last month ended up with zero taxes because it was sold through a company registered in the British Virgin Islands.
\n\u201cThe government is trying to cool the market, but there is no evidence that previous measures have done that,\u201d Hong Kong-based shareholder activist David Webb told Bloomberg. \u201cThere has been a whole series of misguided measures that have not had their intended effect.\u201d
\nRead next: Hong Kong real estate prices to soften next year
\n
\nSource : property-report.com
\nRead more…Find out how these billionaires dodged Hong Kong\u2019s new property curbs<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Twist: Asia\u2019s most expensive apartments had a royal bargain in taxes Victoria Harbour, Hong Kong...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-38079","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-9Ub","jetpack-related-posts":[{"id":142800,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-home-prices-fall-for-ninth-straight-month-intensifying-calls-for-lifting-property-curbs\/","url_meta":{"origin":38079,"position":0},"title":"Hong Kong home prices fall for ninth straight month, intensifying calls for lifting property curbs","date":"February 27, 2024","format":false,"excerpt":"\r Hong Kong\u2019s lived-in home prices fell for the ninth straight month in January, intensifying calls to roll back curbs on the sector even as the government is seeking to rein in a ballooning deficit estimated to exceed HK$100 billion (US$12.8 billion).\r \r Source : South China Morning Post\r Read\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":139352,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-developer-wharf-calls-for-comprehensive-review-of-property-market-curbs-to-stop-the-rot-in-home-sales-prices\/","url_meta":{"origin":38079,"position":1},"title":"Hong Kong developer Wharf calls for \u2018comprehensive review\u2019 of property market curbs to stop the rot in home sales, prices","date":"September 28, 2023","format":false,"excerpt":"\r A comprehensive review of Hong Kong\u2019s decade-old anti-speculation property curbs is long overdue, according to developer Wharf. Recent measures are not enough to overturn the current slump, chairman Stephen Ng says.\r \r Source : South China Morning Post\r Read more...Hong Kong developer Wharf calls for \u2018comprehensive review\u2019 of property\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":142816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-relaxes-decade-old-lending-curbs-granting-more-mortgages-to-homebuyers-and-offices-to-bolster-citys-ailing-property-market\/","url_meta":{"origin":38079,"position":2},"title":"Hong Kong relaxes decade-old lending curbs, granting more mortgages to homebuyers and offices to bolster city\u2019s ailing property market","date":"February 28, 2024","format":false,"excerpt":"\r The relaxation by de facto central followed today\u2019s move by Hong Kong\u2019s Financial Secretary Paul Chan Mo-po to abolish a wide swathe of decade-old curbs on the city\u2019s housing sector.\r \r Source : South China Morning Post\r Read more...Hong Kong relaxes decade-old lending curbs, granting more mortgages to homebuyers\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":105005,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kong-slips-to-22nd-spot-globally-in-home-price-inflation-as-property-curbs-bite-survey-finds\/","url_meta":{"origin":38079,"position":3},"title":"Hong Kong slips to 22nd spot globally in home price inflation as property curbs bite, survey finds","date":"March 15, 2019","format":false,"excerpt":"\r Hong Kong\u2019s housing market has slipped well down the list when it comes to the pace of annual percentage gains among major cities worldwide, according to the latest survey by Knight Frank.The city fell to 22nd place from the No 1 spot a year ago among 56 global markets\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":142907,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/with-hong-kongs-removal-of-property-curbs-unleashing-a-buying-frenzy-here-are-5-residential-projects-to-keep-an-eye-out-for\/","url_meta":{"origin":38079,"position":4},"title":"With Hong Kong\u2019s removal of property curbs unleashing a buying frenzy, here are 5 residential projects to keep an eye out for","date":"March 6, 2024","format":false,"excerpt":"\r The removal of property curbs in the Hong Kong government\u2019s budget announcement last week has generated a very encouraging response in the housing market.\r \r Source : South China Morning Post\r Read more...With Hong Kong\u2019s removal of property curbs unleashing a buying frenzy, here are 5 residential projects to\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":109486,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hong-kongs-new-world-development-takes-advantage-of-hangzhou-land-price-curbs-wins-plot-for-9-8-billion-yuan\/","url_meta":{"origin":38079,"position":5},"title":"Hong Kong\u2019s New World Development takes advantage of Hangzhou land price curbs, wins plot for 9.8 billion yuan","date":"July 30, 2019","format":false,"excerpt":"\r Hong Kong property company New World Development took advantage of a newly introduced price cap to win a commercial-residential plot of land in downtown Hangzhou for 9.8 billion yuan (US$1.4 billion), a shade higher than the starting bid of 9.6 billion yuan, it said on Tuesday. The deal represents\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38079"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=38079"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/38079\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=38079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=38079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=38079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}