Mont Verra villa on Beacon Hill sold to chairperson of Lens Technology for HK$1 billion

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22nd May 2024 – (Hong Kong) A villa at Mont Verra on Beacon Hill, Kowloon Tong, has set new price records for the area, fetching a total of HK$1 billion. The property, part of a new luxury development by Kerry Properties Limited, is one of the few newly constructed estates in Kowloon’s prestigious mid-levels offering expansive units over 10,000 square feet.

The buyer, using a British Virgin Islands (BVI) company, Rosy Path Ventures Limited, has been revealed to be Zhou Qunfei, chairperson of Lens Technology. Zhou, known for her role in leading the world’s largest supplier of smartphone glass screens, has previously topped the list of wealthiest women in mainland China. This purchase adds to her substantial portfolio of luxury properties in Hong Kong.

The sale, concluded shortly after the Hong Kong government’s full withdrawal of the punitive Buyer’s Stamp Duty (BSD) last February, marks a strategic move by investors. Previously, non-permanent residents or corporate entities buying residential property were subject to a 15% BSD, reduced from an initial 30% in late 2016. With the recent policy change, the tax has been drastically cut to a maximum of 4.25% of the purchase price, saving the buyer over HK$100 million in taxes.