24 Apr 2013
CLP POWER HONG KONG LTD v. COMMISSIONER OF RATING AND VALUATION
- Citation
- CLP POWER HONG KONG LTD v. COMMISSIONER OF RATING AND VALUATION
- Court
- Lands Tribunal
- Case number
- LDRA366/2004
The tribunal held that the R&E method is the appropriate primary valuation method; the Commissioner's WACC‑based approach to fix the tenant's share was rejected; an asset‑split approach using DRC as proxy for market value is adopted for apportioning the divisible balance, with a specific uplift to reflect the contribution of the China assets; the contractor's basis is not a reliable adjunct or cross‑check and separate uplifts for effort and risk were rejected; assets under construction are non‑rateable and should be deducted; dedicated substations and specified plant/cables fall within s8A an…