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Hong Kong property

Canto-pop star Joey Yung buys luxury home in Repulse Bay for estimated US$25 million

Hong Kong’s home prices have surged for 24 consecutive months, the longest stretch for a property bull market in a quarter of a century

PUBLISHED : Wednesday, 09 May, 2018, 7:03am
UPDATED : Wednesday, 09 May, 2018, 4:55pm

Hong Kong Canto-pop singer and actress Joey Yung Cho-yee has bought a house at one of Hong Kong’s most prestigious seafront developments in Repulse Bay, for what could be an estimated HK$200 million (US$25.5 million), or HK$58,852 per square foot.

Yung bought the 3,341 square feet house No. 42 at 56 Repulse Bay Road development through Saintfield Limited, according to the Land Registry.

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A company records search showed the directors of Saintfield changed to Yung, 38, and her mother, Yu Kam-fong, on March 20.

The spectacular sale comes at a time when Hong Kong’s home prices have surged for 24 consecutive months, the longest stretch for a property bull market in a quarter of a century, making the city the world’s costliest urban centre to live and work.

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Yung started her musical career in 1999, signing for Emperor Entertainment Group. She ranked 63rd on the 2014 “Forbes China Celebrity 100” list and reportedly earned close to HK$100 million last year.

The buyer will save as much as HK$56 million stamp duty through transferring shares in the company.

“By transferring, the buyer only requires to pay 0.2 per cent stamp duty which is similar to the levy of trading shares in Hong Kong,” said Thomas Tsoi, an agent at Centaline Property Agency. 

In this case, the deal will generate stamp duty of some HK$4 million. 

The development attracts lots of celebrities and listed company directors, as it has a private road with direct access to the beach
Thomas Tsoi, Centaline Property Agency

In normal practise, the buyer would be liable to pay an 8.5 per cent levy for homes exceeding HK$21.73 million for a first-time purchaser, he said.

Under existing tax rules, stamp duty will double to 15 per cent on the purchase of second homes and 30 per cent for those use company names, he said.

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The new owner is subject to pay a stamp duty ranging from 8.5 to 30 per cent, or HK$17 million to HK$60 million for normal transaction.

“The development attracts lots of celebrities and listed company directors, as it has a private road with direct access to the beach,” Tsoi said.

“It is a signature building on Hong Kong’s most famous beach. The project was featured in Repulse Bay post cards.”

The development was built in 1994 with 53 houses by Sino Land, and by 2017 was fetching huge selling prices of HK$72,000 per square foot.

Yung’s manager did not reply to SCMP’s inquiry.

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