Creator of Tencent’s blockbuster game ‘Honor of Kings’ splashes out US$12.6m on Kowloon penthouse
Including stamp duty, Yao Xiaoguang’s own piece of The Masterpiece, Hong Kong’s second tallest luxury residential building, will set him back a total US$16.4m
The games developer credited with creating Tencent’s megahit “Honor of Kings”, has bought a penthouse for HK$98 million (US$12.57 million) in Hong Kong’s second tallest luxury residential building in Tsim Sha Tsui, The Masterpiece
Yao Xiaoguang has bought a 2,064 square feet unit in the New World Development luxury complex, according to government data released by the Land Registry. The price tag represents HK$47,481 per square foot.
The president of Tencent’s Timi Studio, Yao also looks set to be charged a thumping 30 per cent in stamp duties by the Inland Revenue Department on the purchase, which works out at another HK$29.4 million.
The government raised property transaction stamp duty in November last year to 15 per cent for all residential purchases, except for first time buyers who are permanent residents, to dampen soaring home prices. On top of that, he will also be required to pay another 15 per cent “buyer’s levy”, which came into effect on October 2012.
That applies to non-permanent residents, in a bid to discourage buying interest from mainlanders, who accounted for 40 per cent of the new flat sales in 2012.
