Lam, Hoi Sze 林海四

Skyway Securities (1141) buys 2 Lincoln Road from Central Wealth Financial (0572) at HK$403mCWF announcement
Company announcement, 4-Mar-2016
Skyway is buying the BVI shell that owns the house via a HK subsidiary, avoiding 23.5% or $94.7m in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%). CWF completed the purchase of the HK subsidiary on 30-Nov-2015. CWF reveals that the ultimate vendor then is a substantial shareholder of Skyway and an Executive Director of Skyway is sister of that person. So that person must be Lam Hoi Sze, brother of Lin Yuehe, Chairman of Skyway since 1-Mar-2016. CWF will become a 9.31% shareholder of Skyway.
China For You (0572) buys 2 Lincoln Road at HK$400m gross
Company announcement, 17-Aug-2015
The property is valued at HK$400m but they are buying the HK company that owns it, Metro Victor, with bank debt of $190m, for HK$210m net, of which $80m is in cash and the rest is a 2% 2-year note. The corporate transfer saves 23.5% in Buyer's Stamp Duty (15%) and Double Stamp Duty (8.5%) that anyone but a permanent resident without a home would pay. Instead they will pay 0.2% on the HK shares, or HK$380k. Metro Victor was owned by Hang Fat Ginseng (0911) until 2-Apr-2012, before its IPO. The sale then valued the property at HK$237m.

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