Flat agent's rapid action sees clients save millions by avoiding new tax

"An inch of time is an inch of gold" is the motto that drives Midland Realty director Sammy Po Siu-ming.

So Po got to work the instant Henderson Land Development told him it would launch sales of flats at a development in Yuen Long at 6.30pm on Friday - just 30 minutes after Financial Secretary John Tsang Chun-wah unveiled measures taking effect at midnight that night to curb property speculation.

Henderson brought forward the official launch from Saturday.

"The new tax rules mainly target mainland buyers. But we went to work immediately because if we got preliminary sale-and-purchase agreements signed before they came into effect at midnight on Friday, our buyers escaped the new tax," he said.

So the real estate agency mobilised about 400 agents to call customers, particularly mainland buyers, and encourage them to rush to the Tsim Sha Tsui sales office of The Reach to sign contracts before midnight.

"Fortunately, most of the mainland buyers are businessmen and they have cars. They immediately set off for Hong Kong. For those mainlanders and local buyers without cars, we provided free transport to get them to the sales office as fast as possible."

Po said the last of the night's customers turned up about 11.30pm and bought a unit. "As a result of our quick response we managed to help about 100 buyers sign their deals before the deadline," he said.