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class="locatorlarge"><font class="locatorlarge">Knowledge</font><!--3 --></font></td> </tr> <tr> <td width="165" valign="top">&nbsp;</td> <td valign="top" width="500">&nbsp;</td> </tr> <tr> <td width="165" valign="top"><img src="../images/cmn/spacer.gif" width="165" height="1"></td> <td width="500" align="left"> <table width="350" border="0" cellspacing="0" cellpadding="1"> <tr> <td width="101"><b><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgeheading1">Author:</font></b></td> <td width="245"><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgecontent1"> <a href="/eng/ourpeople/LilianChiang.htm"><font color="#0000CC">Lilian Chiang</font></a> </font></td> </tr> <tr> <td width="101"><b><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgeheading1">Service Area:</font></b></td> <td width="245"><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgecontent1"> <a href="/eng/ourservices/services_15.htm"><font color="#0000CC">Property</font></a> </font></td> </tr> <tr> <td width="101"><b><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgeheading1">Date:</font></b></td> <td width="245"><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgecontent1"> July 2005 </font></td> </tr> <tr> <td width="101"><b><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgeheading1">Country:</font></b></td> <td width="245"><font face="verdana,helvetica,arial,sans-serif" size="2" class="knowledgecontent1"> <a href="/eng/aboutus/overview.htm"><font color="#0000CC">Hong Kong</font></a> </font></td> </tr> </table> </td> </tr> <tr> <td width="140" background="/eng/images/knowledge/symbol.gif"></td> <td width="500" valign="top"> <hr> <table width="500" border="0" cellspacing="0" cellpadding="0"> <tr> <td>&nbsp;</td> </tr> <tr> <td> <div align="left"> <table border="0" cellpadding="2" width="500"> <tr> <td><P ALIGN="left" style="margin-right: .98"><FONT face="Verdana" SIZE=4 COLOR="#0000ff"><a name="contents"><b><u>A Brief Guide to Buying Property in Hong Kong</u></b></a></FONT></P> <B> <P ALIGN="left" style="margin-right: .98"><FONT face="Verdana" SIZE=2>SUMMARY OF CONTENTS</FONT> </P></B> <div align="left"> <TABLE BORDER=0 CELLPADDING=2 WIDTH=500 height="123"> <TR><TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P style="margin-right: .98" align="left"><a HREF="#1"><B><FONT face="Verdana" SIZE=2>Introduction</FONT></B></a></TD> <TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <a HREF="#6"><B><FONT face="Verdana" SIZE=2>Management</FONT></B></a></TD> </TR> <TR><TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a HREF="#2"><B><FONT face="Verdana" SIZE=2>Legal background</FONT></B></a></TD> <TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a HREF="#7"><B><FONT face="Verdana" SIZE=2>Estate agents</FONT></B></a></TD> </TR> <TR><TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a HREF="#3"><B><FONT face="Verdana" SIZE=2>Taxation and rates</FONT></B></a></TD> <TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a HREF="#8"><B><FONT face="Verdana" SIZE=2>The role of the solicitor</FONT></B></a></TD> </TR> <TR><TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a href="#4"><B><FONT face="Verdana" SIZE=2>Mortgages</FONT></B></a></TD> <TD WIDTH="250" VALIGN="TOP" HEIGHT=18> <P align="left" style="margin-right: .98"><a HREF="#9"><B><FONT face="Verdana" SIZE=2>Insurance</FONT></B></a></TD> </TR> <TR><TD WIDTH="250" VALIGN="TOP" HEIGHT=21> <P align="left" style="margin-right: .98"><a HREF="#5"><B><FONT face="Verdana" SIZE=2>Leases</FONT></B></a></TD> <TD WIDTH="250" VALIGN="TOP" HEIGHT=21> <P align="left" style="margin-right: .98"><a HREF="#10"><B><FONT face="Verdana" SIZE=2>Costs and disbursements</FONT></B></a></TD> </TR> </TABLE> </div> <B><P ALIGN="LEFT" style="margin-right: .98"><FONT face="Verdana" SIZE=2><a name="1">INTRODUCTION</a> </FONT></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Real estate has traditionally been important in the economic life of Hong Kong and the Hong Kong stock market has been heavily dependent upon property development companies. </FONT></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Levels of home ownership are high but there is still a very active private rental market and even more active commercial rental market.&nbsp; Confidence and the performance of the Hong Kong economy generally is reflected strongly in the property market.&nbsp;&nbsp; </FONT></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">In legal terms there is no major distinction between residential and non-residential properties apart from their treatment for stamp duty purposes (see later).</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2"><a name="2">LEGAL BACKGROUND</a></font></P> <P style="margin-right: .98"><font face="Verdana" size="2">Conveyancing and Property Ordinance</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">The main law governing real estate in Hong Kong is the Conveyancing and Property Ordinance (&quot;CPO&quot;) which was first introduced in 1984. The CPO is adapted from English law and as with English law the CPO is also assisted by Common Law (i.e. the case law that has been built up over many years).</font></P> <B> <P style="margin-right: .98"><font face="Verdana" size="2">Government leases</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">All land in Hong Kong is held from the Government under leases for terms ranging from short term agreements to leases of 999 years.&nbsp; Older leases are generally very simple and contain few obligations and restrictions.&nbsp; Newer leases usually incorporate more detailed restrictions, obligations and development conditions including environmental control.</font></P> <B> <P style="margin-right: .98"><font face="Verdana" size="2">Registration</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">Under the Land Registration Ordinance (which dates back to 1843) all land in Hong Kong that has been leased by the Government is registered at the Land Registry.&nbsp; The register is public and can be searched by any person on payment of a small fee.&nbsp; The register does not guarantee title but is a register of title deeds which means that a person's title to property must still be proved by investigation of the title deeds.&nbsp; Recently one of the major US title insurance companies has established a presence in Hong Kong and is now offering this service.&nbsp; A registration of title scheme is under discussion and may be introduced in the future.</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">Failure to register means that there may be a loss of priority to any subsequent registered transaction and registration is therefore essential in most property transactions.</font></P> <B> <P style="margin-right: .98"><font face="Verdana" size="2">Ownership</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">There are no restrictions in Hong Kong upon ownership of land by any individual or corporation whether domestic or overseas unless there is a legal disability.&nbsp; There are no particular additional formalities required for ownership of land by an overseas individual or corporation although in the latter case if the corporation&nbsp;commences a business in Hong Kong there will be a requirement for the overseas corporation to register itself as such at the Companies Registry.</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">In buildings which are multi-owned, each owner will have a share in the land together with the exclusive right to use the particular unit purchased to the exclusion of the other owners.&nbsp; The relationship between the owners is usually governed by a Deed of Mutual Covenant which provides for rights of way, rights to services, meetings of owners, management of the building and restrictions.&nbsp; All owners are subject to the terms of the deed.</font></P> <B> <P style="margin-right: .98"><font face="Verdana" size="2">User restriction</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">The use of property in Hong Kong is usually restricted by:</font></P> <ul> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">the Government lease;</font></li> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">the Deed of Mutual Covenant (in the case of multi-owned buildings);</font></li> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">the Occupation Permit issued by the Building Authority; and</font></li> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">planning control.</font></li> </ul> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">Accordingly, any change of use or alteration to premises may require consent from up to four different authorities, depending upon the circumstances.</font></p> <B> <P style="margin-right: .98"><font face="Verdana" size="2">1997</font></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">The Joint Declaration made by the Chinese and British Governments in 1984 provides for continuity of the existing legal system until 30 June 2047.</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">All old leases will carry on until they expire and may be renewed.&nbsp; All new leases are for terms of 50 years (with some exceptions).&nbsp; Most leases in the New Territories which were due to expire in 1997 have been extended automatically to 30 June 2047 without any need for additional payments to Government.</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">Rent payable under a Government lease is generally a nominal figure.&nbsp; For leases granted after 1 July 1997 and for a number of leases granted prior to 1 July 1997 the rent will be 3% of rateable value from time to time.</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2><a name="3">TAXATION AND RATES</a></FONT> </P> <P style="margin-right: .98"><FONT face="Verdana" SIZE=2>Stamp Duty</FONT> </P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Stamp duty is payable on the sale and purchase of land in Hong Kong.&nbsp; The rate for property over HK$6,720,000 is 3.75%.&nbsp; Below that lower rates apply.&nbsp; By convention, the stamp duty is almost always paid by the purchaser.&nbsp; As a measure to curb speculation in the residential property market, the Government has introduced legislation which makes stamp duty on residential property payable upon the Sale and Purchase Agreement whereas with non-residential property the duty is payable upon the Assignment.&nbsp; Accordingly, it is important when purchasing residential property to ensure that any binding agreement is signed by the party which ultimately intends to own the property - otherwise double duty may be payable.&nbsp; The anti-speculation legislation was enacted for an initial two year period which expired in January 1994, but has been extended by Government.&nbsp; The Government has introduced provisions which enable the duty payable on a residential Sale and Purchase Agreement to be deferred until completion of the purchase or re-sale, although the maximum period of deferral is three years.&nbsp;</FONT> </P> <B> <P style="margin-right: .98"><FONT face="Verdana" SIZE=2>Rates</FONT> </P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Rates are payable to the Government by the owner or occupier of property and are levied quarterly.&nbsp; A mortgagee of property is also liable for rates but a demand is only made on a mortgagee when those primarily liable default.&nbsp; The rateable value of a property is assessed by Government as the notional rent that could be achieved for a property over one year.&nbsp; The actual rates payable are a proportion of the rateable value which is decided by Government.&nbsp; The percentage of rateable value payable is currently 5%.&nbsp;&nbsp;</FONT> </P> <B> <P style="margin-right: .98"><FONT face="Verdana" SIZE=2>Property tax</FONT> </P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Property tax is payable by owners of rented land and/or buildings upon 80% of the gross annual rentals less rates.&nbsp; The rate in tax year 2004/2005 is 16%.&nbsp; Corporations can elect not to pay property tax but profits tax instead, and invariably do so in view of the greater available deductions.</FONT> </P> <B> <P style="margin-right: .98"><FONT face="Verdana" SIZE=2>Profits tax</FONT> </P> </B> <ul> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Rental income: Corporations (assuming they elect not to pay property tax) pay profits tax (17.5%) on net profits from rental income.<br> </FONT> </li> <li> <p ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">Profits on sale: If an individual or corporation trades in Hong Kong property they will be liable to profits tax at 16% for individuals and at 17.5% for corporations on assessable profits from that trade or business.&nbsp; There is no capital gains or similar tax in Hong Kong.</font></li> </ul> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B> <P ALIGN="JUSTIFY" style="margin-right: .98"><a name="4"><FONT face="Verdana" SIZE=2>MORTGAGES </FONT></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Licensed banks in Hong Kong will advance money for the acquisition of property which is secured by a mortgage over the property and is registered at the Land Registry.&nbsp; Banks in Hong Kong are reluctant to lend money upon the security of older properties.</FONT></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">There are no particular consents or formalities associated with mortgages apart from registration at the Land Registry and if given by a corporation, registration at the Companies Registry.&nbsp;&nbsp;</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B> <P ALIGN="JUSTIFY" style="margin-right: .98"><a name="5"><FONT face="Verdana" SIZE=2>LEASES </FONT></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Leases in Hong Kong are typically for a fairly short term - two years in the case of residential and three to nine years in the case of commercial properties. </FONT></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2">The law relating to leases is primarily contained in the Landlord and Tenant (Consolidation) Ordinance.</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font face="Verdana" size="2"> Apart from stamping and registration of leases at the Land Registry in certain circumstances there are generally no important formalities to be observed.&nbsp;&nbsp;</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><a name="6"><font size="2" face="Verdana">MANAGEMENT</font></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font size="2" face="Verdana">Many multi-owned buildings are managed by professional managers appointed either under the Deed of Mutual Covenant or a Management Agreement and management fees will be levied.&nbsp; In other cases, there are owners corporations or informal arrangements where the owners themselves undertake a degree of management under the framework of the Deed of Mutual Covenant.&nbsp; Whatever the arrangements, owners and managers are subject to the overriding provisions of the Building Management Ordinance.</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><a name="7"><font size="2" face="Verdana">ESTATE AGENTS</font></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><font size="2" face="Verdana">Many estate agents prefer that buyers and sellers enter into preliminary agreements which become binding upon signing with payment of non-returnable deposits.&nbsp; It is advisable prior to signing the offer letter to take legal advice.&nbsp;&nbsp;</font></P> <P ALIGN="JUSTIFY" style="margin-right: .98"><font size="2" face="Verdana">Most estate agents charge commission to both vendor and purchaser of they are acting for both parties and the figure is normally 1% for each party.&nbsp; However, this is negotiable.</font></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P style="margin-right: .98"><a name="8"><font size="2" face="Verdana">THE ROLE OF THE SOLICITOR</font></a></P> </B> <p align="justify" style="margin-right: .98"><font face="Verdana" size="2">Solicitors are used throughout most stages of the conveyancing transaction in Hong Kong - they are responsible for the Sale and Purchase Agreement which is normally drafted by the vendor's solicitor and approved by the purchaser's solicitor. The purchaser's solicitor will investigate title through reading the title deeds and making searches at the Land Registry and Companies Registry as necessary. Following signing of the Sale and Purchase Agreement the purchaser's solicitor will draft the assignment which is the actual purchase deed and which will then be approved by the vendor's solicitor. The vendor's solicitor will usually be responsible for discharging any outstanding mortgage whilst the bank's solicitor will be responsible for drawing up any mortgage. Frequently the bank will appoint the purchaser's solicitors to draw up the mortgage.</font></p> <p align="justify" style="margin-right: .98"><font face="Verdana" size="2">Apart from some limited circumstances, the same solicitor is not allowed to act for both vendor and purchaser in the same transaction. The same solicitor may, however, act for both parties in a leasing transaction unless a conflict arises.</font></p> <p align="justify" style="margin-right: .98"><font face="Verdana" size="2">Solicitors' charges are governed by the Solicitors' Costs Rules. Thus, in a typical transaction the three main fees are those for the Sale and Purchase Agreement, the assignment and the mortgage. It is possible for the solicitor and his client to agree upon a fee other than in accordance with the Costs Rules, and this is normally the case.</font></p> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><a name="9"><FONT face="Verdana" SIZE=2>INSURANCE </FONT></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>Under Hong Kong law, the risk on property passes upon signing a binding agreement unless the parties agree otherwise. Accordingly, insurance should be considered at an early stage. Mortgagees will make it a requirement of the mortgage that an insurance policy is purchased. </FONT></P> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <B><P ALIGN="JUSTIFY" style="margin-right: .98"><a name="10"><FONT face="Verdana" SIZE=2>COSTS AND DISBURSEMENTS </FONT></a></P> </B><P ALIGN="JUSTIFY" style="margin-right: .98"><FONT face="Verdana" SIZE=2>A typical example of the contracting costs of buying and selling a HK$5 million unit are as follows: </FONT></P> <FONT FACE="Verdana" SIZE=2> <div align="left"> <table border="1" height="27" width="500" cellpadding="2"> <tr> <td valign="top" bgcolor="#003399" height="1"> <p style="margin-right: .98">&nbsp;</p> </td> </FONT> <td valign="top" bgcolor="#003399" height="1" align="right"> <p style="margin-right: .98"><b><font color="#FFFFFF" face="Verdana" size="2">Purchase<br> (HK$)</font></b></p> </td> <td valign="top" bgcolor="#003399" height="1" align="right"> <p style="margin-right: .98"><b><font color="#FFFFFF" face="Verdana" size="2">Sale<br> (HK$)</font></b></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Stamp duty @ 3.00% </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>150,000 </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Nil </FONT></p> </td> </tr> <tr> <td valign="top" height="1"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Search fees (Land Registry) (approx.) </FONT></p> </td> <td valign="top" height="1" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>100 </FONT></p> </td> <td valign="top" height="1" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>100 </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Search fees (Companies Registry) </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>500 </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>500 </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Legal fees on purchase and mortgage (approx.) </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><font face="Verdana" size="2">15,000</font></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Nil </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Legal fees on sale (approx.) </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Nil </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>12,000 </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Land registration fees </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>1,100 </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>450 </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Filing fees (for limited company) </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>340 </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Nil </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>Estate agents commission (approx.) </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>50,000 </FONT></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><FONT face="Verdana" SIZE=2>50,000 </FONT></p> </td> </tr> <tr> <td valign="top" height="18"> <p style="margin-right: .98"><b><FONT face="Verdana" SIZE=2>Total </FONT></b></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><b><FONT face="Verdana" SIZE=2>HK$217,040 </FONT></b></p> </td> <td valign="top" height="18" align="right"> <p style="margin-right: .98"><b><FONT face="Verdana" SIZE=2>HK$63,050 </FONT></b></p> </td> </tr> </table> </div> <P ALIGN="RIGHT" style="margin-right: .98"><a HREF="#contents"><FONT face="Verdana" SIZE=1>Back to Top</FONT></a></P> <p style="margin-right: .98" align="justify"><font face="Verdana" size="2">Whilst every effort has been made to ensure the accuracy of this&nbsp;publication, it is 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