Are there no extremes to which Hong Kong property developers will not go to squeeze the speculative lemon? In recent weeks we’ve heard of car parking spaces being snapped up in places as untrendy as The Belcher’s in Pokfulam and the New Territories to escape the new Buyer’s Stamp Duty (BSD). And of course commercial and industrial property is suddenly even more in vogue, with a recent surge, because it does not attract the tax. But Cheung Kong is once again maximising profit by doing something no one else probably even thought of -- selling motor bike spaces.
No doubt prompted by the speculation in car parking spaces, Cheung Kong Holdings has managed to dig out some motorcycle spaces for sale. The developer has put 42 motorcycle spaces in Kowloon Tong on the market and amazingly enough an investor bought all of them for HK$1.05 million. Next question, are there really enough Harley fanatics and Hell’s Angels chapters and daredevil bikers in Hong Kong to justify this sort of crazy price? Will they appreciate? Time will tell.
Mainlander Pays HK$6.14 million BSD for Coronation flat
It seems that setting Buyer’s Stamp Duty (BSD) at a hefty15 per cent is not scaring off home buyers from the mainland. A PRC investor has reportedly bought a top-floor flat in the upmarket Coronation project in West Kowloon for about HK$41 million. As a non-resident without a Hong Kong permanent identity card he will therefore be committed to coughing up more than HK$6.1 million for BSD alone. Let’s put this in proportion: that’s just about enough to buy a reasonable two-bedroom flat in respectable middle-class Taikoo Shing in Quarry Bay.