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.