Billionaires buying first homes skirt Hong Kong's new curbs

Hong Kong

HERE'S how billionaire Edwin Leong, one of Hong Kong's largest retail landlords, got around Hong Kong's new property curbs and saved almost US$17 million on his tax bill.

He managed to qualify as a first- time homebuyer, purchasing three luxury apartments on the Peak for HK$1.2 billion (S$221 million) on the same day last month.

Previously, Mr Leong had held no real estate in his name - despite owning more than 300 other properties, including apartments, hotels and shopping malls, through his company, Tai Hung Fai Enterprises Co, and having an estimated net worth of US$4 billion.

Wealthy buyers are finding legal ways around restrictions designed to cool home prices in the world's least affordable city, where leaders are grappling to shrink a yawning wealth gap. Hong Kong property prices have risen to near-record highs and sales volumes have surged since Chief Executive Leun…