Hong Kong Case Law: Decisions & Judgments | LexChat

Topic

Extinguishment of marine rights

Legal area

Court

18 Apr 2017

PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS

Citation

PENNY\'S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
Court

Court of Final Appeal
Case number

FAMV57/2016

Leave to appeal was refused on all questions except two: (1) PBIL's question on the meaning and scope of 'godown purposes' and whether such use must involve a building, and (2) the Director's question on whether the Court of Appeal erred in holding that differing factual assumptions for before and after valuations could not as a matter of law produce different values; costs of these leave applications are to be costs in the appeals.
15 Oct 2014

PENNY’S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS

Citation

PENNY’S BAY INVESTMENT CO LTD v. DIRECTOR OF LANDS
Court

Lands Tribunal
Case number

LDMR23/1999

Apply CFA principle: Before value assumes continued exercisable marine rights at valuation date; After value assumes marine rights extinguished but not artificial assumptions such as completed reclamation or voluntary surrender. Mid‑stream/open container storage qualifies as 'godown' under the lease and is a viable use. Use appropriate comparables (KCTL sales preferred), apply justified adjustments and timing discount for uncertainty; calculated Before value HK$696,492,500, After value HK$685,540,000, compensation payable HK$10,952,500 payable by Director of Lands to applicant.