25 Feb 2021
LANADA (BVI) CO LTD AND ANOTHER v. THUNDER SHARP LTD AND OTHERS
- Citation
- [2021] HKLdT 11
- Court
- Lands Tribunal
- Case number
- LDCS9000/2020
The tribunal concluded the applicants satisfied the statutory ownership threshold (applicable 80% under the Notice), established redevelopment was justified by age and poor state of repair on uncontradicted expert evidence, and had taken reasonable steps to acquire remaining shares (offers, mediation invitations, and practical impossibility due to deceased owners and lack of probate). The tribunal accepted the EUV assessment excluding positive value for UBW ($163,280,000) and after adjusting certain valuation inputs accepted a residual redevelopment value (RDV) of $276,000,000 for the merged…
- Compulsory sale for redevelopment under land (compulsory sale for redevelopment) ordinance
- Ownership threshold (section 3) and specification of lower percentage
- Justification for redevelopment (section 4(2)(a))
- Reasonable steps to acquire minority shares (section 4(2)(b))
- Determination of euv and rdv
- Apportionment of sale proceeds