11 Dec 1989
CALTEX OIL OF HONG KONG LTD v. DIRECTOR OF BUILDINGS AND LANDS
- Citation
- CALTEX OIL OF HONG KONG LTD v. DIRECTOR OF BUILDINGS AND LANDS
- Court
- Lands Tribunal
- Case number
- LDMT2/1988
The Tribunal held that (1) the appropriate valuation basis was the difference between actual and estimated net merchandise earnings under Item 4; (2) a Kowloon-only sample was more representative than a 30-station Hong Kong-wide average; (3) no deduction for redirected sales (betterment) is permitted under Item 4; (4) recovery periods were fixed by evidence (Lai Chi Kok to 31 October 1984; Nullah recovery assessed as 12 months to 31 October 1983); applying these principles and a pragmatic approach to imperfect comparables resulted in awards of $6,250,000 for Lai Chi Kok and $3,300,000 for Nul…