In April 2020, Mr Ching acquired a flat in Sai Ying Pun with finance obtained from a local bank. He signed a lease with the following terms with Ms Ma on 28 April 2020: (1) The lease runs from 1 May 2020 for two years. (2) Monthly rental: $36,000, payable in advance. (3) Initial premium: $60,000, payable on signing the lease agreement. Rental deposit: $65,000, payable on signing the lease agreement. As per the lease agreement, the rental deposit is to be used to compensate any loss of revenue when the tenant defaults in payment of the rent. Rates: $3,000 per quarter, payable by Mr Ching. Ms Ma asked for a rent-free period to facilitate a minor repair to the flat. Mr Ching agreed to give a half-month rent-free period from the date the lease started to take effect. The repair cost of $15,000 was paid by Ms Ma. Management fee: $2,000 per month, payable by Mr Ching. (5) (6) (7) Additional information: (1) During the year ended 31 March 2021, Mr Ching incurred bank mortgage interest of $120,000. A property agency fee for letting the property, equivalent to half of the monthly rental, was also paid on 25 April 2020. (2) Since 1 January 2021, Mr Ching has not received any rental payments from Ms Ma. On 16 May 2021, Mr Ching was advised by the management company that Ms Ma had moved out without leaving any contact details. The property was left vacant until it was sold on 31 August 2021. Required: (i) Compute the property tax payable by Mr Ching (if any) for each of the years of assessment 2020/21 and 2021/22 using the most favourable method. (13 marks) (ii) This question is independent of requirement (i). Assume the property tax for the year of assessment 2020/21 has become final and conclusive. Advise Mr Ching (Client 1) the course of action that he can take in order to re-open a final and conclusive assessment. (7 marks)