That's partially true. The taxes of course contribute a considerable amount to the markup, but Porsche also does set prices higher in other markets, due to lower supply and because they can get away with it.

Also, your numbers are not correct. Not sure about HK and Indonesia, but in China taxes are determined partially by engine size and are currently about 95% on a V6 Cayenne and up to 145% for V8 Cayenne, but definitely not 200%.

But even after you factor in taxes, the official Porsche dealers in China will be about 15% more expensive than gray market, which means their markup on the car is higher, because everyone is paying more or less the same taxes.