Mr Liu is a Hong Kong permanent resident (HKPR). He did not hold any properties in Hong Kong before the year of assessment 2017/18. Further, Mr Liu holds 100% shareholding of Nature Ltd and the company is dormant.

During the year of assessment 2017/18, the following transactions took place:

1. On 1 May 2017, Mr Liu acquired a residential property in Causeway Bay for a consideration of $12m. The seller Mrs Fung acquired the property on 1 August 2016. The conveyance was in conformity with the agreement for sale. The property was subsequently leased to HKSAR government on 1 July 2017 for a term of 2 years at monthly rental of $30,000 plus upfront premium of $100,000.

2. On 1 August 2017, Nature Ltd acquired a residential property in Discovery Bay for a consideration of $8m. The seller, Mrs See acquired the property on 1 August 2012.