Latest news with #property
South China Morning Post
15 hours ago
- Business
- South China Morning Post
Hong Kong's Law Society swoops down on entire floor of offices at The Center at half price
The Law Society of Hong Kong has bought an entire floor of offices in what was formerly the world's most expensive tower at a 50 per cent discount, the latest among astute investors who are picking up property in the city at bargain prices. Advertisement The Law Society paid HK$345 million (US$44 million), or HK$14,000 per sq ft, for 24,980 sq ft (2,320 square metres) on the 26th floor of The Center from Gale Well Group. The property in the Central district was handed over to the Law Society on July 25, according to the Land Registry. The purchase price was half of the HK$693 million that Gale Well paid in 2021, when its founder and CEO Jacinto Tong Man-leung bought the property from the late Ma Ah-muk. Ma, dubbed Hong Kong's Minibus King, passed away in March last year. The Law Society is still gathering views from its members for the design of the office floor and has not decided on the date for moving in, a member said. An interview with property investment firm Gale Well Group's vice chairman and CEO Jacinto Tong Man-leung on February 25, 2025. Photo: Jonathan Wong The Center, a 73-storey office tower, was sold in 2018 for a record HK$40.2 billion (US$5.2 billion) by the city's wealthiest man, Li Ka-shing, to a group of 10 local tycoons in what was then the world's priciest property deal. Not long after the transaction, Hong Kong's economy was driven into a slump by six months of anti-government protests and three years of the Covid-19 pandemic. Advertisement
The Independent
16 hours ago
- Business
- The Independent
Storms and heavy rainfall driving up property insurance payouts
Some £1.6 billion worth of property claim payouts were made by insurers in the second quarter of this year, according to the Association of British Insurers (ABI), with adverse weather driving a significant portion of claims. The total, to help homeowners and businesses bounce back from incidents which also include fire and theft, marks a 7% rise compared with the first quarter of 2025. Between April and June, insurers paid out £322 million for damage caused by storms, heavy rainfall and frozen pipes. Of this, £198 million covered damage to people's homes and possessions, while weather-related business claims totalled £124 million. The average property claim was £6,200 for households and £17,400 for businesses. The annual average price of combined building and contents home insurance in the second quarter of 2025 was £391, £2 lower than the previous quarter, but £1 more compared with the same period in 2024, the ABI said. The average price of buildings-only insurance was down by £1 on the previous quarter, at £321. This was £4 higher compared with the same period in 2024. The typical price of contents-only insurance in the second quarter of 2025 dropped to £129 – £2 down on the previous quarter and £7 lower than the average price paid in the second quarter of 2024. Mark Shepherd, head of general insurance policy at the ABI, said: 'Our latest figures emphasise the vital protection insurance continues to offer people and businesses. 'They also underscore the growing impact of adverse weather on communities across the UK. 'With climate change making such events more severe and frequent, prevention must become a much greater part of the solution.' Louise Clark, manager of general insurance policy at the ABI, said: 'Flooding and storm damage can be deeply distressing and disruptive. 'While we can't control the weather, small preventative steps can go a long way in protecting our homes and reducing the fallout. 'Clearing gutters, securing roof tiles, fixing any leaks, repairing cracks in doors and windows, and fitting flood gates or airbrick covers where needed, all help limit physical damage when bad weather strikes. 'It's also important to stay on top of your insurance. 'Reviewing your policy regularly, checking with your provider if you're unsure what's covered, and keeping your home in good repair are essential to ensuring you're fully protected when the unexpected happens.'
Khaleej Times
18 hours ago
- Business
- Khaleej Times
Karisma Kapoor not involved in late ex-husband Sunjay Kapur's inheritance, say sources
Days after swirling reports suggested that Bollywood actress Karisma Kapoor was seeking a share in the estate of her late ex-husband Sunjay Kapur, sources close to the actress have shut down the speculation. Karisma, who was married to the late industrialist from 2003 to 2016, has 'no involvement or stake' in the property or inheritance matters following his untimely demise, clarified insiders close to the actress. 'She is not involved in any inheritance or property-related matters in any way. The children are the rightful heirs and will receive what is due to them. Karisma's focus right now is only the well-being of her children,' the source said, as quoted by ETimes. The clarification comes amid heightened media scrutiny and social media chatter about the distribution of Sunjay Kapur's assets after his sudden death on June 12, 2025, during a polo match in London. While Karisma has been entirely uninvolved, tensions appear to be rising within the Kapur household. In a fresh development, Priya Sachdev Kapur — Sunjay's second wife — was officially appointed as a non-executive director at Sona BLW Precision Forgings Ltd. (Sona Comstar) following a shareholder vote at the annual general meeting held on July 25. Sona Comstar, one of India's prominent auto component manufacturers, confirmed Priya's appointment in a regulatory filing. The decision comes shortly after the company's board named Jeffery Mark Overly as the new chairman, succeeding Sunjay Kapur. However, not everyone in the family is on board. In a letter dated July 24 addressed to the board of Sona Comstar, Rani Kapur — Sunjay's mother and the former chairperson of the Sona Group — accused unnamed individuals of leveraging the family's grief for personal gain. She alleged that during a time of mourning, certain parties made moves to 'wrest control and usurp the family legacy,' casting a shadow over the recent corporate changes. While she did not name anyone directly, the timing of the appointments and the tone of her letter hint at a growing rift in the family business. Despite the estate speculation, Karisma Kapoor's only concern at the moment, according to those close to her, is ensuring stability for her two children with Sunjay. The couple shares daughter Samaira and son Kiaan. Sources confirmed that the children are 'rightful heirs' and will receive their due share, but Karisma herself is not making any legal or financial claims.
Times
18 hours ago
- Business
- Times
Will my partner pay tax on the property he inherits from me?
Q. I am a widow and own a house which is mortgage-free, worth about £350,000. I also own a rental property, mortgage-free, that I bought in 2013 for £108,000 and it is now worth about £185,000. In my will I would like to leave this rental property to my partner. He doesn't live with me but owns his own house worth about £300,000 and his pension income is about £25,000 a year. If I die tomorrow I am concerned about what capital gains tax might be payable by either my estate, or my partner. I have urged him to keep the property, and not sell, because it gives good rental income. He is not likely to make it his main There are two taxes at play when someone dies: inheritance tax (IHT) and capital gains tax (CGT). Looking at the IHT position, the properties in your estate are worth £535,000, and you do not specify what other assets you own that would increase the value of your estate further. Everyone gets an allowance of £325,000 to pass on free of IHT. This is called the nil-rate band. In addition, if your estate is worth less than £2 million, you may also qualify for the residence nil-rate band of £175,000. However, this second allowance is only available if you leave your main residence to direct descendants, such as children or grandchildren. You have not mentioned whether you have any, but this would be a key factor in determining whether the residence band applies. Given that you are widowed, if your late husband did not use either of his allowances (perhaps, for example, because he left everything to you and assets left to spouses or civil partners do not trigger IHT), then those allowances could be transferred to your estate. In that case, you may be able to pass on a maximum £1 million free of IHT. This would comprise £650,000 to be set against your general estate and £350,000 against the value of your main residence, assuming that you left it to direct descendants and that your estate was not worth more than £2 million. • Should you help your children to buy a home? Your executors will need to claim any allowances transferred from your late husband in a form called the IHT400. If no transferable allowances are available, then your executors will need to pay the IHT due on the value of the estate that exceeds your IHT allowances. Under CGT rules, there will be no tax due when you die. Instead, your properties would be revalued to their market value at the date of your death and be passed to your beneficiaries. So, if your rental property was worth £185,000 at the time of your death, your partner would inherit it at that value and no CGT would be payable because no capital gain would have been made. If he then sold the property later, he could be liable for CGT on any profit made over £185,000, assuming he never occupies it as his main residence. He would have an annual allowance of £3,000 to offset against any gain and would pay CGT at a rate of either 18 per cent or 24 per cent depending on his rate of income tax. It's also worth highlighting that if and when he owes any CGT on the sale of the property, he would need to declare the gain and pay the tax within 60 days of completion through HMRC's CGT system, which is separate to the self-assessment return. Kate Aitchison is a private client tax partner at the accountancy firm RSM UK. She advises on succession planning, investment structuring and tax residency
South China Morning Post
18 hours ago
- Business
- South China Morning Post
Meitu co-founder snaps up second Hong Kong commercial property in 3 months at discount
Mike Cai Wensheng, the co-founder of the Chinese selfie app Meitu, has bought a redevelopment site in the heart of Hong Kong's Causeway Bay shopping district, picking up his second property in three months as shops and offices are going for discounts amid the city's supply glut. Cai paid HK$750 million (US$95.5 million) for a site measuring 5,388 sq ft (500 square metres) at 20-28 Cannon Street, formerly known as Sun On Mansion. The transaction for the commercial site, located between Jaffe Road and Gloucester Road, was completed earlier this month, according to the Land Registry. The property was sold by the local developer Winland Group, which spent around HK$1.45 billion to consolidate ownership of the site through private purchases and a compulsory sale process that was completed in 2021. That implied that Cai had bought the site with a 48 per cent discount from the last compulsory valuation. Construction of a 26-storey office tower by Winland had already been under way before the site was sold to Cai. Based on an estimated permissible gross floor area of 81,300 sq ft, the purchase price worked out to around HK$9,215 per square foot. Mike Cai Wensheng, the chairman and founder of Meitu, on 6 February 2017. Photo: David Wong The building will most likely be used for 'entrepreneurship and technology development,' Cai said, adding that plans are 'not fully confirmed yet'.
