More deals as stamp duties go

The government removal of the double stamp duties on commercial properties has spurred transactions.

Stephen Tan, brother of Bernard Charnwut Chan, is going to sell a story of China Insurance Group Building in Central. Midland IC&I said the area is around 14,505 square feet. The selling price is HK290 million, or HK$19,993 per square foot.

The building was put on sale for HK$319 million in May last year, which means a price reduction of 9 percent, or HK$29 million, after more than a year.

An 850-sq-ft shop in Hung Hom was sold for HK$43 million after a cut of HK$12 million. The transaction price was about 5 percent below the market value.

The former owner of a room at Kin Ho Industrial Building in Sha Tin earned HK$500,000 in three months after the unit sold for HK$3.68 million.

The former owner of a unit at Pakpolee Commercial Centre in Mong Kok made a HK$510,000 book profit in 10 days after the unit was sold for HK$3.16 million.

HKR International (0480) bought United Daily News Centre, a 16-storey industrial building in To Kwa Wan, for HK$310 million. The building is leased with varying terms of tenancies. It will be delivered on an "as is" basis on or before January 29, 2021 and subject to tenancies.

Paliburg (0617) is going to sell the shopping mall and car space of The Ascent in Sham Shui Po. DTZ said the sale includes 2 stories of shops and parking spaces with value of HK$188 million. Buyers can choose to purchase one or more shops, with a saleable area ranging from 1,559 to 10,738 square feet. The closing date is January 29, 2021.