31 May 2024
BILLION GLORY PROPERTIES LTD AND OTHERS v. LI BAOZHU AND OTHERS
- Citation
- [2024] HKLdT 50
- Court
- Lands Tribunal
- Case number
- LDCS23000/2019
The Tribunal held it would exercise discretion to grant a single 3-month extension under s5(4)(b) to 29 August 2024 but refused leave to re-fix the reserve price. The reserve price fixed at $2,425,000,000 was within a reasonable valuation bracket (c.15%) of other assessments and there was insufficient evidence of a significant post-judgment market fall to justify re-opening the final order. Re-fixing the reserve after an aborted auction would undermine statutory finality and minority protection and is not supported by the Ordinance or the facts.