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China For You (0572) buys 19 Cumberland Road, Kowloon
Company announcement, 2-Feb-2016
CFY is actually buying a HK company for HK$117m, which owns the property with a mortgage of up to HK$117m. The property is valued at $240m. The vendor, Eternal Vantage Investment Ltd, is owned by a "merchant" whose name is not disclosed, but she is the niece of the vendor in another acquisition announced on 17-Aug-2015. Eternal Vantage obtained a loan facility of HK$200m from Skyway Securities (1141) on 19-Nov-2015. Transferring the company avoids 23.5% in Buyer's Stamp Duty and Double Stamp Duty on the house. Instead they pay 0.2% on the value of the shares.

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