KOWLOON DEVELOPMENT COMPANY LIMITED 九龍建業有限公司
Kowloon Development (0034) sells Johnny Or's home to Johnny Or
Company announcement, 11-May-2011
By selling the company, King's City Holdings Ltd, to Mr Or, rather than the property it owns, the transaction avoids 4.25% stamp duty on $141m, or $5.99m, or about 27 months' rent. Instead, the duty will be 0.2% on the company value (net of liabilities) of $93.124m, or duty of $186k. The company was the original developer of the building, and apart from the penthouse duplex it owns 17 car spaces.
Company announcement, 11-May-2011
By selling the company, King's City Holdings Ltd, to Mr Or, rather than the property it owns, the transaction avoids 4.25% stamp duty on $141m, or $5.99m, or about 27 months' rent. Instead, the duty will be 0.2% on the company value (net of liabilities) of $93.124m, or duty of $186k. The company was the original developer of the building, and apart from the penthouse duplex it owns 17 car spaces.
Kowloon Development Finance Ltd v Pendex Industries Ltd
HK Court of First Instance, 15-Apr-2011
The plaintiff is owned by Kowloon Development (0034).
HK Court of First Instance, 15-Apr-2011
The plaintiff is owned by Kowloon Development (0034).
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