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Owner of most expensive apartment in Asia may have saved HK$50M in stamp duty

蘋果日報 2021/03/05 05:36


The new owner of Asia’s most expensive apartment is an individual named Yin Xi, who paid HK$459 million (US$59.2 million) for the Hong Kong property at 21 Borrett Road, official records show.
Yin was charged the lowest stamp duty, of 4.25%, which was the rate for a first-time property buyer. That bill came up to just HK$19.5 million (US$2.5 million).
Data from the Land Registry indicated that Yin previously owned a two-bedroom apartment in Mid-Levels, a property he bought in 2016 for HK$29.8 million. He sold it with a loss of HK$220,000 to a person named Wang Yang. It is believed that he had let go of this property in order to save close to HK$49.34 million in stamp duty in his latest purchase, sealed in the middle of last month.
Yin’s new place, on the 23rd floor of 21 Borrett Road, has five rooms, a 717 square foot front garden, three parking spaces and a 2,131 square foot rooftop terrace with a private swimming pool. The total area stands at 3,378 square feet.
At HK$136,000 per square foot, it has just become the most expensive apartment in Asia.
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