FULLER HOLDINGS LTD AND ANOTHER v. HSU LING LING AND OTHERS

FULLER HOLDINGS LTD AND ANOTHER v. HSU LING LING AND OTHERS

Applicants satisfied statutory threshold (>=90%); tribunal accepted expert evidence that the Building is old and in poor repair so redevelopment is justified under s.4(2)(a); tribunal found applicants took reasonable steps under s.4(2)(b) (three offers including a substantial third offer); tribunal accepted the applicants' EUV and RDV valuations (total EUV HKD 338,175,310; RDV/reserve price HKD 452,000,000); accordingly an order for sale by public auction was granted and trustees appointed.

Citation
[2020] HKLdT 34
Parties
1st Applicant: Fuller Holdings Limited; 2nd Applicant: Extra Effort Global Limited; 1st Respondent (r1): Hsu Ling Ling; 2nd Respondent: 2nd Respondent (R2)
Court
Lands Tribunal
Jurisdiction
Hong Kong
Judgment Date
27 August 2020
Case Number
LDCS13000/2019
Procedural Posture
Application Under the Land (compulsory Sale for Redevelopment) Ordinance (lands Tribunal) / Judgment Following Trial (trial Dates 8 10 July 2020; Judgment Delivered 27 August 2020)
Outcome
Order for sale granted in favour of the applicants
Legal Topics
Redevelopment Justification, Alienation Restriction and Premium, Existing Use Value (euv), Redevelopment Value (rdv), Reasonable Steps to Acquire Shares, Appointment of Trustees, Reserve Price for Auction, Costs
Source Language
EN
Land Law Compulsory Sale Property Valuation Trusts and Trustees Statutory Interpretation Redevelopment Justification Alienation Restriction and Premium Existing Use Value (euv) +5 more

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Parties

Fuller Holdings Limited

1st Applicant

Extra Effort Global Limited

2nd Applicant

Hsu Ling Ling

1st Respondent (r1)

2nd Respondent (R2)

2nd Respondent

Procedural Posture

Application Under the Land (compulsory Sale for Redevelopment) Ordinance (lands Tribunal) / Judgment Following Trial (trial Dates 8 10 July 2020; Judgment Delivered 27 August 2020)

Legal Issues

  1. 1 Whether the Ordinance applies to buildings developed under the Civil Servants Co-operative Building Society Scheme with alienation restrictions and legal charges
  2. 2 Determination of existing use value (EUV) of each unit as at valuation date
  3. 3 Whether redevelopment is justified under s.4(2)(a) by age and/or state of repair

Ratio Decidendi

Applicants satisfied statutory threshold (>=90%); tribunal accepted expert evidence that the Building is old and in poor repair so redevelopment is justified under s.4(2)(a); tribunal found applicants took reasonable steps under s.4(2)(b) (three offers including a substantial third offer); tribunal accepted the applicants' EUV and RDV valuations (total EUV HKD 338,175,310; RDV/reserve price HKD 452,000,000); accordingly an order for sale by public auction was granted and trustees appointed.

Court Disposition

Order for sale granted in favour of the applicants

Orders

  • All undivided shares in Inland Lot No 7756 (the Lot) to be sold by public auction for redevelopment
  • Mr Ma Ho Fai and Ms Hung Suet Shan Catherine appointed as trustees to discharge duties under the Ordinance