CHINA VISION ENGINEERING LTD AND OTHERS v. BOLD TEAM INVESTMENTS LTD AND OTHERS

CHINA VISION ENGINEERING LTD AND OTHERS v. BOLD TEAM INVESTMENTS LTD AND OTHERS

Tribunal accepted the jointly agreed EUVs ($519,450,000 total) as at 25 October 2017, found the Building is obsolete and in poor repair such that redevelopment is justified under s4(2)(a), concluded applicants took reasonable steps to acquire all undivided shares under s4(2)(b) having made multiple fair offers, adopted 30 months construction period and 15% developer's profit for residual valuation, fixed the RDV/reserve price at HKD 804,000,000 as at 15 November 2019, granted an order for sale by public auction, appointed trustees and made a costs order nisi that the applicants pay the respondents' costs on High Court scale to be taxed if not agreed.

Citation
[2020] HKLdT 11
Parties
Majority Owners/applicants: Applicants; Minority Owner/respondent: 1st respondent; Minority Owner/respondent: 12th respondent
Court
Lands Tribunal
Jurisdiction
Hong Kong
Judgment Date
25 March 2020
Case Number
LDCS5000/2018
Procedural Posture
Application Under Land (compulsory Sale for Redevelopment) Ordinance (cap.545) / Judgment at Trial
Outcome
Order for sale granted in favour of the applicants
Legal Topics
Land (compulsory Sale for Redevelopment) Ordinance, Order for Sale, Existing Use Value (euv), Residual/development Valuation (rdv), Developer's Profit, Costs
Source Language
EN
Property Law Land Law Compulsory Sale Valuation Law Civil Procedure Land (compulsory Sale for Redevelopment) Ordinance Order for Sale Existing Use Value (euv) +3 more

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Parties

Applicants

Majority Owners/applicants

1st respondent

Minority Owner/respondent

12th respondent

Minority Owner/respondent

Procedural Posture

Application Under Land (compulsory Sale for Redevelopment) Ordinance (cap.545) / Judgment at Trial

Legal Issues

  1. 1 What is the existing use value (EUV) of all units in the Building as at 25 October 2017?
  2. 2 Whether redevelopment is justified by age and/or state of repair under section 4(2)(a) of the Ordinance
  3. 3 Whether applicants took reasonable steps to acquire all undivided shares under section 4(2)(b) of the Ordinance

Ratio Decidendi

Tribunal accepted the jointly agreed EUVs ($519,450,000 total) as at 25 October 2017, found the Building is obsolete and in poor repair such that redevelopment is justified under s4(2)(a), concluded applicants took reasonable steps to acquire all undivided shares under s4(2)(b) having made multiple fair offers, adopted 30 months construction period and 15% developer's profit for residual valuation, fixed the RDV/reserve price at HKD 804,000,000 as at 15 November 2019, granted an order for sale by public auction, appointed trustees and made a costs order nisi that the applicants pay the respondents' costs on High Court scale to be taxed if not agreed.

Court Disposition

Order for sale granted in favour of the applicants

Orders

  • All undivided shares in Shau Kei Wan Inland Lot No 735 (Yee Tak Building) to be sold by public auction for purposes of redevelopment
  • Mr Ma Ho Fai and Ms Tsang May Ping appointed trustees to discharge duties under the Ordinance