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Sale by CK Asset (1113) of floors in The Center avoids HK$3.4bn in stamp duty
Company announcement, 1-Nov-2017
They are selling the BVI company which owns the properties via various subsidiaries for $40.2bn. Double Stamp Duty at 8.5% would be payable if they were selling the properties directly. Contrary to media reports, the sale does not involve the whole building. Deals like this beg the question, what is the point of the Government's "Double Stamp Duty" except to penalise those who have not put their properties into companies? Incidentally, the Center is in Sheung Wan, not Central, just as Central Plaza is in Wan Chai.
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