1 Apr 2004
SUN HUNG KAI SECURITIES LTD v. NEW WORLD DEVELOPMENT CO LTD
- Citation
- SUN HUNG KAI SECURITIES LTD v. NEW WORLD DEVELOPMENT CO LTD
- Court
- Court of First Instance
- Case number
- HCA21961/1998
The court found a binding April 1990 oral agreement between New World and SHKS, implied terms required SHKS to contribute pro rata to development financing not covered by third‑party banks; the alleged 'dai chong' limitation was rejected as inconsistent with contemporaneous documents and conduct; New World was not agent for SHKS for the NW/IGB agreement, but estoppel by convention and the oral contract together supported recovery; SHKS's limitation defence failed due to acknowledgment; counterclaim based on the June agreement failed.