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Mainland Buyer Paid 40% Tax For Sheung Shui Luxury Home, Chinese Buyers Snapped Up 8 Units From Mantin Heights

Hong Kong Property | November 29, 2016

Mainland Buyer Paid 40% Tax For Sheung Shui Luxury Home
Mainland buyers continue to invest in Hong Kong’s luxury homes. A Mainland buyer purchased a 1,022-square-foot three-room unit in Sheung Shui’s Woodland Crest for HK$9 million, or HK$8,806 per square foot. In addition to the 15% buyer’s stamp duty and 15% double stamp duty, the buyer is willing to pay the 10% special stamp duty – since the holding period of this property by the seller is less than 36 months. The total tax is estimated to be 40% of the property price – that is HK$3.6 million.

Chinese Buyers Snapped Up 8 Units From Mantin Heights
A financial group who acquired 6 units from Mantin Heights for HK$65.49 million snapped up another 8 units from the estate for over HK$90 million yesterday, with an average cost of HK$19,680 per square foot. As most buyers in the group are from Mainland China, they have to pay 30% stamp duty for some of the purchased flats.

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