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A company that transfers residential property to its subsidiary on or after October 27 and then sells the subsidiary’s shares to a non-associated body corporate or person within two years will have to pay stamp duty on it, the Government says.
It was responding to press queries concerning a developer’s attempt to circumvent a new stamp duty by transferring residential property to its subsidiary, and then transferring these shares to a non-Hong Kong permanent resident buyer.
Subject to the passage of a new legal clause to be introduced soon, all non-Hong Kong permanent residents, including local and overseas companies, must pay a newly introduced buyers stamp duty for residential properties acquired on or after October 27.