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Billionaires buying first homes skirt Hong Kong's new curbs

An analyst said the HK property tax measures have "loopholes that have not been closed, and I don't think they can be".

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...