WEALTH MASTER INTERNATIONAL LTD AND OTHERS v. WONG WENG WA VINCENT

WEALTH MASTER INTERNATIONAL LTD AND OTHERS v. WONG WENG WA VINCENT

The Tribunal found applicants met the statutory ownership threshold (average 97.6744%), had taken reasonable steps to acquire remaining shares, redevelopment was justified on evidence of age and poor state of repair of the Building before demolition, and the expert valuations were fair and reasonable; accordingly an order for sale by public auction was made with reserve price HK$309,000,000 and related sale conditions.

Citation
WEALTH MASTER INTERNATIONAL LTD AND OTHERS v. WONG WENG WA VINCENT
Parties
Applicant: 1st applicant; Applicant: 2nd applicant; Applicant: 3rd applicant; Respondent (personal Representative of the Estate of Wong Shing Kwong): Vincent Wong
Court
Lands Tribunal
Jurisdiction
Hong Kong
Judgment Date
8 May 2015
Case Number
LDCS18000/2014
Procedural Posture
Compulsory Sale Application Under Land (compulsory Sale for Redevelopment) Ordinance Cap.545 / Trial/judgment
Outcome
Application granted. All undivided shares in the Lots ordered sold by public auction. Reserve price fixed at HK$309,000,000. Trustees appointed to conduct sale. Costs order nisi: no order as to costs, to be made absolute after 14 days if not varied.
Legal Topics
Compulsory Sale for Redevelopment, Redevelopment Justification, Valuation (euv and Rdv), Majority/minority Owner Thresholds, Representation of Trustees/executors, Reasonable Steps to Acquire Shares
Source Language
EN
Land Law Property Law Trusts and Estates Civil Procedure Administrative/tribunal Procedure Compulsory Sale for Redevelopment Redevelopment Justification Valuation (euv and Rdv) +3 more

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Parties

1st applicant

Applicant

2nd applicant

Applicant

3rd applicant

Applicant

Vincent Wong

Respondent (personal Representative of the Estate of Wong Shing Kwong)

Procedural Posture

Compulsory Sale Application Under Land (compulsory Sale for Redevelopment) Ordinance Cap.545 / Trial/judgment

Legal Issues

  1. 1 Whether the applicants met the statutory ownership threshold under section 3(1) (90%) and section 3(2) of the Ordinance;
  2. 2 Whether redevelopment of the Lots was justified under section 4(2)(a) given that the Building had been demolished;
  3. 3 Whether the applicants had taken reasonable steps to acquire remaining undivided shares under section 4(2)(b);

Ratio Decidendi

The Tribunal found applicants met the statutory ownership threshold (average 97.6744%), had taken reasonable steps to acquire remaining shares, redevelopment was justified on evidence of age and poor state of repair of the Building before demolition, and the expert valuations were fair and reasonable; accordingly an order for sale by public auction was made with reserve price HK$309,000,000 and related sale conditions.

Court Disposition

Application granted. All undivided shares in the Lots ordered sold by public auction. Reserve price fixed at HK$309,000,000. Trustees appointed to conduct sale. Costs order nisi: no order as to costs, to be made absolute after 14 days if not varied.

Orders

  • All the undivided shares in the Lots to be sold by way of public auction.
  • Reserve price for the Lots fixed at HK$309,000,000.