Mr Chan is going to convey his property to Mr Ho in cash for $1,000,000 plus stock worth $1,500,000 on date of conveyance. The market value of the property on date of conveyance is $2,200,000. Assuming that Mr. Chan and Mr. Ho are both HK permanent residents and do not own any property in HK other than the one in this case, what is total amount of stamp duty payable on the conveyance? [Assuming the proposed 15% flat rate is not yet enacted.] Select one: a. $37,500. b. 5100. c. $33,000. d. None of the above