Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Variation of reserve price

Legal area

Court

7 Mar 2025

HAPPY MORTGAGE SERVICES LTD v. HO YIN SANG AND ANOTHER

Citation

[2025] HKCFI 1010
Court

Court of First Instance
Case number

HCMP1736/2017

The Court exercised its discretionary jurisdiction to vary the reserve price because there had been a material change in circumstances (fall in property market and unsuccessful marketing) and the plaintiff had taken reasonable steps to locate and notify the absent judgment debtor; accordingly the reserve price was reduced to HK$4.75M and the plaintiff was authorised alternatively to accept independent offers of HK$5.0M or above by 26 January 2025; costs of the application were summarily assessed at HK$80,000 to be borne by the 1st Defendant.
3 Feb 2021

LAM CHOK LAI AND ANOTHER v. THE OFFICIAL RECEIVER AND TRUSTEE IN BANKRUPTCY OF LAM CHOK WAI, A BANKRUPT

Citation

[2021] HKCFI 260
Court

Court of First Instance
Case number

HCMP3042/2016

The plaintiffs discharged their burden by adducing up‑to‑date independent valuations and evidence of failed marketing; the court therefore exercised jurisdiction under the Partition Ordinance to vary directions to facilitate sale, refused an extended adjournment for the 2nd Defendant absent contemporaneous evidence, permitted sale pursuant to the Tang Offer subject to limited procedural conditions, and ordered costs against the 2nd Defendant.