The Rating and Valuation Department on Monday said the property could fetch about HK$13.11 million in annual rent or about HK$1.09 million per month.

The government charges 5 per cent as levy based on the estimated annual rent.

The owner Liang Liangsheng, chairman of Hubei-based C-Bons Holdings (International), which is involved in making and selling feminine personal hygiene products, property and tourism, paid HK$115 million for the house in 2001.

“The owner will be charged 5 per cent as the government rate based on the rateable value,” said Thomas Lam, head of valuation and consultancy at Knight Frank, meaning Liang is likely to pay a government rate of about HK$655,500 for the next financial year. 

Meanwhile, the rateable value for an 8,000 sq ft house at 13 Big Wave Road in Shek O, owned by Pony Ma Huateng, co-founder of Tencent Holdings, was estimated at HK$11.85 million, the second highest in Hong Kong.

According to government estimates, Ma will have to pay an annual government rate of HK$592,500. The rateable value for the 9,950 sq ft House No 1 at Mount Nicholson was HK$9.55 million, making it the third highest in the city. The owner, Giant Victory which paid HK$1.08 billion for the house last year, will be required to pay HK$477,500 next year. 

Lam said that since most of these properties are occupied by the owners themselves they will have to pay the levy. 

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