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Hong Kong-based real estate partner, Alan Yip is quoted an article in Sing Tao Daily on the topic “Tax Law Loopholes Allow Buyers to Avoid Taxes by Transferring Properties to Relatives”.

Sing Tao Daily noted that by capitalizing on these tax law loopholes, some first-time home buyers in Hong Kong manage to become “first-time” purchasers “again” in order to pay less property taxes when buying additional houses. In the article, Alan pointed out that some married couples have made their spouse a first-time home buyer again by transferring the property to another, which allows the spouse to buy another residential unit chargeable with lower rate of stamp duty. If buyers prefer to enter the market using this method, the persons concerned should generally be of a close relationship.