bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Sandy Li

The owner of a 25,000 square feet super deluxe house at 89 Repulse Bay Road will pay an annual government tax of about HK$655,500 (US$83,575) for the next financial year, the highest in Hong Kong, according to data released by the government.
The Rating and Valuation Department on Monday said the property could fetch about HK$13.11 million in annual rent or about HK$1.09 million per month.
The government charges 5 per cent as levy based on the estimated annual rent.
The owner Liang Liangsheng, chairman of Hubei-based C-Bons Holdings (International), which is involved in making and selling feminine personal hygiene products, property and tourism, paid HK$115 million for the house in 2001.
“The owner will be charged 5 per cent as the government rate based on the rateable value,” said Thomas Lam, head of valuation and consultancy at Knight Frank, meaning Liang is likely to pay a government rate of about HK$655,500 for the next financial year. 
He added the rateable value is more or less the same as last year.
Meanwhile, the rateable value for an 8,000 sq ft house at 13 Big Wave Road in Shek O, owned by Pony Ma Huateng, co-founder of Tencent Holdings, was estimated at HK$11.85 million, the second highest in Hong Kong.
According to government estimates, Ma will have to pay an annual government rate of HK$592,500. The rateable value for the 9,950 sq ft House No 1 at Mount Nicholson was HK$9.55 million, making it the third highest in the city. The owner, Giant Victory which paid HK$1.08 billion for the house last year, will be required to pay HK$477,500 next year. 
Lam said that since most of these properties are occupied by the owners themselves they will have to pay the levy. 
“The government rate is only a tiny amount for these rich men,” he said.
Unlike owners of shopping malls and hotels, owners of super deluxe homes seldom argue with the government’s assessment of rateable value.
However, the rateable value for retail properties has declined sharply in light of the falling shop rents last year.
For instance, a ground level shop A at 2 Cannon Street, Causeway Bay, which has one of the highest rents in Hong Kong Island, saw its rateable value decline 35 per cent to HK$1.65 million for 12 months to March 31, 2019, from HK$2.55 million in current 2017-2108 financial year. 


Nan Fung beats 3 rival groups in MTR tender for Tung Chung station site

US Fed’s caution on 2025 rate cuts drives Chinese stocks, currency lower

Hong Kong demand for flexible office space grows as market in Singapore slumps: report

Shoppers look to score as mall at Hong Kong’s Kai Tak Sports Park opens

Hong Kong property

Owner of Repulse Bay house set to pay Hong Kong’s highest annual property tax of US$83,000

Repulse Bay in Hong Kong has some of the most expensive properties in the city. Photo: Nora Tam

Hong Kong property tax hurts local business more than mainlanders

Corporate investors and non-permanent Hong Kong residents now must pay a 15 per cent duty when buying flats such as these. Photo: AFP

New Hong Kong property tax, a sign of increasing protectionism

City Garden, a local apartment complex in North Point (Photo: George Chen/SCMP)

Objections to rateable values total 62,000

Price to pay: new Hong Kong  property tax will have far-reaching changes for market

Beachfront properties on Bondi Beach in Sydney

How to beat the new property tax?

Hong Kong’s new property regime is already inspiring ingenious countermeasures from non-residents looking to buy in one of the world’s priciest real estate markets. Photo: AFP

Property

Hong Kong & China

Business

Property policies