19 Dec '16, 12am

Hong Kong’s super-rich avoid paying property tax | Overseas |

Hong Kong’s richest tycoons are saving millions in taxes. (Photo: Exploringlife, Wikimedia Commons) Some wealthy home buyers have found ways to avoid paying Hong Kong’s hefty property taxes, which were imposed as part of the government’s property cooling measures, reported Bloomberg . For instance, billionaire Edwin Leong saved 10.75 percent in taxes, or nearly US$17 million, after he qualified as a first-time home buyer when he bought three high-end apartments at the Peak for HK$1.2 billion, all on the same day in November 2016. This is because he previously did not own any real estate in his name, even though his firm Tai Hung Fai Enterprises Co. hold over 300 properties, including hotels, apartments, and shopping malls. “Since the policies of Hong Kong’s Chief Executive Leung Chun-ying were introduced, most of the tycoons have been finding ways around them,” said Alan W...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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