KaiLong buys Cheung Sha Wan property for nearly $1b

It was motivated by the cancellation of double stamp duty on commercial properties.

Real estate fund manager KaiLong has purchased an industrial property in Cheung Sha Wan for almost $1b.

According to KaiLong Hong Kong CEO Ivan Ho, the purchase was motivated by the recent cancellation of the double stamp duty (DSD) on commercial properties and the long-term outlook for the market.

“Protests, coronavirus pandemic and trade war: all these risk factors have been priced in. We expect a more stable future in the years ahead,” Ho said.

Hong Kong has recently abolished the double ad valorem DSD imposed on non-residential property transactions due to the economic downturn and uncertainties caused by the COVID-19 pandemic