20 Apr 2006
BOND STAR DEVELOPMENT LTD v. CAPITAL WELL LTD
- Citation
- BOND STAR DEVELOPMENT LTD v. CAPITAL WELL LTD
- Court
- Lands Tribunal
- Case number
- LDCS2000/2001
The Tribunal construed s4(1)(c)(i) to vest the nomination of trustees in the majority owner only and, having accepted the unchallenged professional valuation as the market value, appointed two of the Applicant's nominated solicitors as joint trustees, fixed the reserve price at $15,790,000, removed vendor withdrawal powers from the conditions of sale, appointed Jones Lang LaSalle as auctioneer and an independent firm (Messrs. Sit, Fung, Kwong and Shum) as solicitors for the trustees, ordered apportionment of auction expenses and sale proceeds per the Ordinance and reserved costs.