14 Jun 2012
HUNG FUNG ENTERPRISES HOLDINGS LTD AND ANOTHER v. THE AGRICULTURAL BANK OF CHINA
- Citation
- HUNG FUNG ENTERPRISES HOLDINGS LTD AND ANOTHER v. THE AGRICULTURAL BANK OF CHINA
- Court
- Court of Appeal
- Case number
- CACV235/2010
The Court of Appeal upheld To J: the July 1996 consensus was at most an agreement subject to approval (not a concluded binding oral contract) because the nature of the transaction required credit approval, new loan and PRC mortgage registration; alternatively, even if concluded the contract was governed by PRC law and invalid because the PRC Foreign Economic Contract Law required written form for such contracts; claims for misrepresentation, breach of warranty and conversion failed; the defendant's counterclaim succeeded; the PRC double interest award was penal and not enforced by the Hong Ko…