1 Feb 2023
ASIA RICH INCORPORATION LTD AND OTHERS v. WEALTH STEP HOLDINGS LTD AND ANOTHER
- Citation
- [2023] HKLdT 9
- Court
- Lands Tribunal
- Case number
- LDCS15000/2019
The Tribunal found applicants met the statutory ownership threshold (>80%), accepted expert evidence that the Building is aged, structurally and functionally obsolete with irreversible reinforcement corrosion and carbonation and repair costs disproportionate to benefit, found the applicants took reasonable steps to acquire remaining shares by making offers within a fair and reasonable band, determined the total EUV at HKD 997,032,000, fixed the RDV/reserve price at HKD 2,134,000,000 as at 4 July 2022 and ordered sale by public auction with trustees appointed and costs nisi against applicants.