是说IOI另外成立一家股份公司然后这家股份公司把IOI剩余单位都买下来吗。这样的话还是要交剩余单位15%+3%的购买税吧？而且这家股份公司买了这些剩余单位以后干什么呢？也许IOI应该学远东的Far East Hospitality Trust成立一个IOI Residensial Trust，然后由股东买单。附送Q5T的美图。估计IOI没有Far East那么厚的关系，找不到人批准，所以也没有办法把失败的投资转移到普通股民身上。
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貌似是CDL发行PPS把房子买下来，所有权不变，不需付3＋15%
This is a fixed-term instrument that provides investors both yield and capital gains play. One may expect any potential PPS exercise for the 48 apartments to be fashioned as a securitisation of the present and future cashflow from the apartments - just as CDL did for its maiden PPS in December 2014 for its Quayside Collection assets in Sentosa Cove (comprising unsold apartments of The Residences at W Singapore, a hotel and some retail space on the island) .
The vital thing to note is that under the PPS structure, there is no change in the properties' ownership, which remains with CDL for the duration of the structure; CDL also continues to manage the assets (including the leasing). Typically, the issuer will join its co-investors in the PPS structure; together, they hold the securities which have a five-year tenor and come with a fixed coupon, and stand to reap capital gains by divesting the properties if their value appreciates sufficiently at any point during the five-year duration of the securities.
If CDL were to divest the 48 apartments outright in the current market, it would not get the price it desires. Essentially, PPS allows the issuer to buy some time in the hope that prices will rise within the five-year period. Thus PPS provides a good solution for owners of prime residential assets to tide over the current soft market assuming one is confident the market will recover.
At entry point, the draw to investors of the PPS is that since there is no change in ownership of the apartments, the 3 per cent buyer's stamp duty and the 15 per cent additional buyer's stamp duty (ABSD) would not be payable on the PPS transaction price for the apartments. This would be especially appealing to foreign and corporate buyers, who have been put off from investing in the Singapore residential property sector as they have to pay the maximum 15 per cent ABSD rate on their purchase price.
来源：http://www.asiabuilders.com.sg/news/139207/pps-not-a-panacea-for-every-cdl-high-end-residential-project
The vital thing to note is that under the PPS structure, there is no change in the properties' ownership, which remains with CDL for the duration of the structure; CDL also continues to manage the assets (including the leasing). Typically, the issuer will join its co-investors in the PPS structure; together, they hold the securities which have a five-year tenor and come with a fixed coupon, and stand to reap capital gains by divesting the properties if their value appreciates sufficiently at any point during the five-year duration of the securities.
If CDL were to divest the 48 apartments outright in the current market, it would not get the price it desires. Essentially, PPS allows the issuer to buy some time in the hope that prices will rise within the five-year period. Thus PPS provides a good solution for owners of prime residential assets to tide over the current soft market assuming one is confident the market will recover.
At entry point, the draw to investors of the PPS is that since there is no change in ownership of the apartments, the 3 per cent buyer's stamp duty and the 15 per cent additional buyer's stamp duty (ABSD) would not be payable on the PPS transaction price for the apartments. This would be especially appealing to foreign and corporate buyers, who have been put off from investing in the Singapore residential property sector as they have to pay the maximum 15 per cent ABSD rate on their purchase price.
来源：http://www.asiabuilders.com.sg/news/139207/pps-not-a-panacea-for-every-cdl-high-end-residential-project
Huasing Association 1999 - 2013