Skyway (1141) sells 2 Lincoln Road to CSPT (0139)

CSPT owns 15.48% of Skyway and is paying with bonds convertible into 11.11% of CSPT, while Skyway owns 13.56% of CSPT, so this potentially increases the cross-holding. The sale values the property at HK$406m. They are selling the BVI company that indirectly owns the property, thereby avoiding all stamp duties. Skyway only acquired this company on 4-Mar-2016, so if it had bought and sold the property, the sale would have attracted 15% Special Stamp Duty, 15% Stamp Duty and 15% Buyer's Stamp Duty, a total of 45%, if anyone was mad enough to transact on those terms.

Organisations

Celestial Lodge Limited
Central Wealth Group Holdings Limited 中達集團控股有限公司
CMBC Capital Holdings Limited 民銀資本控股有限公司
Gold Mission Limited
METRO VICTOR LIMITED 進鴻有限公司
Sky Eagle Global Limited

Topics

Buyer's Stamp Duty
Special Stamp Duty

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Organisations

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