19 Aug 2009
ZHUANG PP HOLDINGS LTD formerly known as CHINA UNITED HOLDINGS LTD AND OTHERS v. LAM HOW MUN PETER AND OTHERS
- Citation
- ZHUANG PP HOLDINGS LTD formerly known as CHINA UNITED HOLDINGS LTD AND OTHERS v. LAM HOW MUN PETER AND OTHERS
- Court
- Court of First Instance
- Case number
- HCA1589/2003
The Court accepted plaintiffs' expert valuation (adjusted and cross-checked) that the open market value of the Basement as at 9 May 1997 was HKD 110.5 million. Vigers' valuation of HKD 470 million was manifestly unreasonable: use of small street-level comparables, failure to state saleable area, failure to inspect, exaggerated MTR effect and lack of disclosed comparable analysis demonstrated breach of duty. Negligence caused loss; fixing/collusion allegation not proven on balance but is unnecessary to establish liability. Damages awarded for difference between paid price and true value, less…