Dec
12
How the Wealthy Avoid Paying Hong Kong Property Tax to Save Millions
By-
Methods include using shell companies, first-time buyer status
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Home prices continue to rise to near-2015 record levels
Here’s how billionaire Edwin Leong, one of Hong Kong’s largest retail landlords, and his family, got around Hong Kong’s new property curbs and saved almost $17 million on their tax bill.
They managed to qualify as first-time homebuyers, purchasing three luxury apartments on the Peak for HK$1.2 billion ($155 million) on the same day last month. Previously Leong had held no real estate in his name — despite owning more than 300 other properties, including apartments, hotels and shopping malls, through his company, Tai Hung Fai Enterprises Co., and having an estimated net worth of $4 billion…
How the Wealthy Avoid Paying Hong Kong Property Tax to Save Millions
