All 24 apartments sold so far at Henderson Land's 39 Conduit Road, including a HK$438.94 million record-setting duplex last month, were bought by companies registered in the British Virgin Islands - all using the same law firm.
According to the Land Registry's latest data, 24 apartments at the West Mid-Levels development have been sold for a total of HK$3.18 billion since it went on the market in mid-October.
Henderson Land has confirmed that one buyer purchased the record-breaking unit and five others, but would not say whether that buyer had also purchased the other 18.
The identity of the buyer or buyers is not known as the properties were bought using 24 different shell companies registered in British Virgin Islands, under whose laws the names of company directors need not be disclosed. Although the transactions have been registered with the government, questions are being asked about the circumstances of the sales.
According to information from the Companies Registry, different shell companies were used to buy the 24 units. All used the same law firm, Lo & Lo Solicitors, also registered in the British Virgin Islands. Three secretarial companies were nominated as Hong Kong directors of the British Virgin Islands companies.
A Henderson Land spokeswoman declined to comment on the issue of the same law firm being used by all buyers. But she said the buyer who paid the world-record price of HK$88,000 per square foot of saleable area for a duplex on the 68th floor of the development had also bought another duplex on the same floor and four flats on the eigth and ninth floors for their own use and investment.
A person familiar with the transactions said all 24 units were acquired by the same buyer.