Property taxes have been avoided, here's how it was done.
Bloomberg reported that a local buyer has purchased a mansion overlooking Hong Kong’s exclusive Repulse Bay using a method allowing him to avoid property taxes.
The house may have fetched about HK$670 million ($86 million), based on the average square-foot valuation of similar properties in the Headland Road neighborhood, according to the agent who brokered the deal. Raymond Ho, deputy senior director of Residential Development and Investment at property agent Savills Plc, declined to give the exact price of the 7,891 square-foot mansion at 12 Headland Road, or the identity of the buyer, citing client confidentiality.
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