Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Developer's profit

Legal area

Court

29 Apr 2021

DAILY LEADER LTD AND ANOTHER v. TOP LEAD INVESTMENT LTD AND OTHERS

Citation

[2021] HKLdT 29
Court

Lands Tribunal
Case number

LDCS29000/2019

The Tribunal held that redevelopment of the Lot was justified due to the building's age and defective state; the applicants had taken reasonable steps to acquire the remaining undivided shares under s.4(2)(b); accordingly an order for sale by public auction was proper, the Trustee was appointed, and the reserve price for auction was fixed at HK$800,000,000, with completion of redevelopment required within six years of vesting.
25 Mar 2020

CHINA VISION ENGINEERING LTD AND OTHERS v. BOLD TEAM INVESTMENTS LTD AND OTHERS

Citation

[2020] HKLdT 11
Court

Lands Tribunal
Case number

LDCS5000/2018

Tribunal accepted the jointly agreed EUVs ($519,450,000 total) as at 25 October 2017, found the Building is obsolete and in poor repair such that redevelopment is justified under s4(2)(a), concluded applicants took reasonable steps to acquire all undivided shares under s4(2)(b) having made multiple fair offers, adopted 30 months construction period and 15% developer's profit for residual valuation, fixed the RDV/reserve price at HKD 804,000,000 as at 15 November 2019, granted an order for sale by public auction, appointed trustees and made a costs order nisi that the applicants pay the respon…