4 Jan 1975
RE HONG KONG & SHANGHAI BANK HONG KONG (TRUSTEE) LTD
- Citation
- RE HONG KONG & SHANGHAI BANK HONG KONG (TRUSTEE) LTD
- Court
- Court of First Instance
- Case number
- HCED2/1974
Given the company's substantial and recently appreciated land and buildings, the absence of dividend history, the close holding with transfer restrictions and the market context in Hong Kong favouring capital appreciation, the proper method was asset‑backing with a substantial minority discount; a 40% deduction applied to the asset backing value produced a fair market value of $11,463 per share and $229,260 for the deceased's 20 shares, and the appeal was allowed.