HONG KONG – Property heir Douglas Woo bought an apartment in an upscale area of Hong Kong for HK$59.8 million while reportedly paying the stamp duty rate reserved for first-time home buyers.
Mr Woo paid a 4.25 per cent tax on the purchase, local newspaper Ming Pao reported, citing documents. That rate is paid by first-time buyers of homes worth more than HK$21.7 million. Mr Woo’s apartment is in a 49-year-old development in Repulse Bay at the south end of Hong Kong Island favoured by the wealthy.
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