In December 2018, you joined as the Managing Partner in taxation for Wilson & Partners, CPA, a local CPA firm which offers audit and taxation services for clients in Hong Kong. The following clients came to seek your advice on tax this week. Client 1 - Mr Ching Mr Ching, a Hong Kong permanent resident, has been retired since 2018. He owns a block of village house in Yuen Long which is leased to a tenant on a fully furnished basis under the following terms: Lease term: 1 April 2020 to 31 March 2022 Monthly rental: $70,000, payable in advance Rental deposit: $140,000 paid on 1 April 2020. The rental deposit is returnable to the tenant after deduction of any loss of revenue as a result of default by the tenant. Service charge: $50,000 per annum for the use of the fumiture as per the lease agreement, paid on 1 April 2020 Management fee: $7,500 per month, payable by landlord Additional information: (1) The tenant failed to pay rent from 1 March 2021 onwards. (2) Mr Ching paid rates of HK$30,000, repairs of HK$70,000, management fee of HK$90,000, agency fee of HK$35,000 and mortgage interest of HK$40,000 for the year ended 31 March 2021. Required: (0) Compute the property tax payable by Mr Ching (Client 1) for the year of assessment 2020/21. (13 marks) (ii) This question is independent of requirements (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)