Hong Kong Case Law: Decisions & Judgments

Topic

Apportionment of sale proceeds

Legal area

Court

3 Nov 2021

SUN FAI INVESTMENT DEVELOPMENT LTD v. CHAN BIN AND OTHERS

Citation

[2021] HKLdT 74
Court

Lands Tribunal
Case number

LDCS32000/2020

Applicant satisfied statutory requirements: ownership threshold met under the 80% specification, EUV accepted as fair and reasonable based on expert evidence, buildings are obsolete and in poor repair justifying redevelopment, applicant took reasonable steps to acquire remaining shares (including substituted service), therefore order for sale as merged site with reserve price $327,000,000 and apportionment by EUV is granted.
25 Feb 2021

LANADA (BVI) CO LTD AND ANOTHER v. THUNDER SHARP LTD AND OTHERS

Citation

[2021] HKLdT 11
Court

Lands Tribunal
Case number

LDCS9000/2020

The tribunal concluded the applicants satisfied the statutory ownership threshold (applicable 80% under the Notice), established redevelopment was justified by age and poor state of repair on uncontradicted expert evidence, and had taken reasonable steps to acquire remaining shares (offers, mediation invitations, and practical impossibility due to deceased owners and lack of probate). The tribunal accepted the EUV assessment excluding positive value for UBW ($163,280,000) and after adjusting certain valuation inputs accepted a residual redevelopment value (RDV) of $276,000,000 for the merged…
23 Oct 2020

LUCKTIME LTD v. SHIU MEN HING and SIU CLARE, the Administratrices of the Estate of LEE SIK HEUNG, Deceased AND OTHERS

Citation

[2020] HKLdT 46
Court

Lands Tribunal
Case number

LDCS1000/2018

Tribunal accepted applicant's expert evidence that the buildings are obsolete and in poor repair so redevelopment is justified, accepted the EUV assessment of $717,242,000 for all units as at 27 November 2017, found the applicant had taken reasonable steps to acquire minority shares, adjusted the residual valuation interest rate to 4% and assessed the RDV of the merged Lots at $1,363,000,000, ordered sale by public auction as a composite site, and directed that sale proceeds be apportioned according to the tribunal-determined EUV of individual units.
1 Aug 2019

SOUTH CROWN DEVELOPMENT LTD v. HARPER PROPERTY LTD AND OTHERS

Citation

[2019] HKLdT 40
Court

Lands Tribunal
Case number

LDCS2000/2016

The Tribunal accepted expert evidence that the buildings are aged, in poor structural condition and economically unviable to repair; the applicant owned the requisite proportion of undivided shares under the prescribed lower threshold; the applicant had taken reasonable and procedurally fair steps (multiple offers) to acquire minority interests; the Tribunal determined the EUV (total $893,024,000) and the RDV/reserve price for a composite site ($2,137,000,000) and ordered sale by public auction, appointment of trustees, apportionment of proceeds by EUV and costs against the applicant on a nis…
14 Mar 2019

FIRST MATE DEVELOPMENT LTD v. CHOR KWONG WAI AND OTHERS

Citation

[2019] HKLdT 20
Court

Lands Tribunal
Case number

LDCS9000/2016

Applicant met the lowered threshold (80%), expert evidence established redevelopment justified by age and poor state/repair, applicant took reasonable steps to acquire remaining shares, tribunal accepted the expert EUV and RDV valuations and therefore granted an order for sale by public auction of the merged site with reserve price set at RDV $626,000,000, directed apportionment of net proceeds by the EUV of all units, appointed trustees and ordered specified ancillary directions including holding of proceeds attributable to R4 pending HCMP 1377/2017.
26 Jul 2018

FAIRBO INVESTMENT LTD v. LEUNG CHIT, THE PERSON APPOINTED BY ORDER DATED 22ND NOVEMBER 2017 TO REPRESENT THE ESTATE OF LEUNG TAI CHEUNG ALSO KNOWN AS LIANG TAI CHEUNG AND LIANG CHUN, DECEASED AND ANOTHER

Citation

[2018] HKLdT 57
Court

Lands Tribunal
Case number

LDCS23000/2014

The tribunal held the applicant satisfied the statutory undivided share threshold, redevelopment was justified by age and poor condition of the buildings, the applicant took reasonable steps to acquire remaining shares, the EUV assessments in the applicant's valuation were accepted as fair and reasonable, and the RDV was fixed at HKD 418,000,000 (using a 10% profit margin) leading to an order for sale of the lots as a composite site with proceeds apportioned by EUV.
13 Jun 2018

ASIA CHARMING LTD v. KAR SHING CAPITAL RESOURCES LTD AND OTHERS

Citation

[2018] HKLdT 44
Court

Lands Tribunal
Case number

LDCS5000/2016

The tribunal found the applicant met the applicable ownership threshold (80%), established redevelopment was justified due to the age and poor state of repair of the buildings on expert evidence, and had taken reasonable steps to acquire remaining shares; the tribunal therefore granted an order for sale, approved sale as a composite site, set the reserve price at the merged RDV of HKD 1,445,000,000, adopted the tribunal-determined EUV (total HKD 583,482,000) for apportionment of proceeds, appointed trustees, imposed a 6-year completion requirement for redevelopment and ordered costs nisi in f…
24 Sept 2012

LEUNG KWAI LING, L v. MA HO FAI AND ANOTHER

Citation

LEUNG KWAI LING, L v. MA HO FAI AND ANOTHER
Court

Court of First Instance
Case number

HCA1567/2011

The defendants had discharged their duties because the plaintiff, by written confirmation countersigned in the presence of solicitors, instructed release of her share to HK Glory and subsequently received a replacement unit under the development agreement; therefore the claim against the trustees was groundless and properly struck out and the plaintiff's appeals and applications were abusive and dismissed.
27 Feb 2012

DYNAMIC HERO LTD v. LEUNG KAM SUI, APPOINTED BY THE TRIBUNAL AS REPRESENTATIVE FOR THE ESTATE OF LEUNG YIU WAH, DECEASED AND ANOTHER

Citation

DYNAMIC HERO LTD v. LEUNG KAM SUI, APPOINTED BY THE TRIBUNAL AS REPRESENTATIVE FOR THE<br>ESTATE OF LEUNG YIU WAH, DECEASED AND ANOTHER
Court

Lands Tribunal
Case number

LDCS17000/2011

The Tribunal found the applicant met the statutory 90% ownership threshold, accepted uncontested expert evidence that the Building is in poor and dangerous condition and is 45 years old, concluded redevelopment is justified on grounds of state of repair and age, found the applicant took reasonable steps to acquire remaining shares, accepted the applicant's revised RDV of HKD 72,700,000 and fixed the auction reserve price at HKD 72,700,000, ordered sale by public auction with proceeds apportioned by EUV and made a costs order nisi of no order as to costs.
10 Jan 2012

MASS VENTURES INTERNATIONAL LTD v. ALL LUCKY DEVELOPMENT LTD AND OTHERS

Citation

MASS VENTURES INTERNATIONAL LTD v. ALL LUCKY DEVELOPMENT LTD AND OTHERS
Court

Lands Tribunal
Case number

LDCS20000/2010

On the evidence (uncontested by the 4th Respondent) the Building is in a dangerous and dilapidated condition and of obsolete design such that redevelopment is justified on grounds of age and state of repair; the Applicant took reasonable steps to acquire the remaining share (entered provisional agreement) and is entitled to an order for compulsory sale; the Tribunal accepts the applicant's revised RDV and fixes the reserve price at HKD 333,050,000, appoints trustees and provides for apportionment and trust payment directions.