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
- LDRA368/2004
Appeals allowed. The proper valuation method is the R&E method with the tenant's share apportioned by an asset-split using DRC as proxy for market value, with a specific uplift to reflect significant contribution of China assets; the Commissioners WACC approach (tenant's share = WACC x ANFA) is rejected; the contractor's basis is not adopted as an adjunct or cross-check; separate additional awards for tenant's effort and risk are rejected; assets under construction are not rateable and must be excluded; dedicated substations and the identified plant, pipework and cables are rateable under s8…