EASY HARBOUR LIMITED
Joseph Lau buys 3 Deep Water Bay Road from Chinese Estates (0127), avoids 19.25% stamp duty
Company announcement, 7-Nov-2011
He is actually buying a BVI subsidiary which owns the house, known as "Lynx Hill". That company bought the house by tender from the HK Jockey Club for HK$888.8m on 17-Aug-2011. If it had sold him the property, the transaction would have cost a punitive 15% Special Stamp Duty (for resale within 6 months) and 4.25% regular stamp duty, a total duty of 19.25% or HK$171m. By buying the BVI company, there is no duty payable. Famously the wife of the clerk of the course was murdered there in 1978 during a robbery.
Company announcement, 7-Nov-2011
He is actually buying a BVI subsidiary which owns the house, known as "Lynx Hill". That company bought the house by tender from the HK Jockey Club for HK$888.8m on 17-Aug-2011. If it had sold him the property, the transaction would have cost a punitive 15% Special Stamp Duty (for resale within 6 months) and 4.25% regular stamp duty, a total duty of 19.25% or HK$171m. By buying the BVI company, there is no duty payable. Famously the wife of the clerk of the course was murdered there in 1978 during a robbery.
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