Kowloon Development (0034) sells Johnny Or's home to Johnny Or

By selling the company, King's City Holdings Ltd, to Mr Or, rather than the property it owns, the transaction avoids 4.25% stamp duty on $141m, or $5.99m, or about 27 months' rent. Instead, the duty will be 0.2% on the company value (net of liabilities) of $93.124m, or duty of $186k. The company was the original developer of the building, and apart from the penthouse duplex it owns 17 car spaces.

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