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
- CACV236/2010
The Court of Appeal upheld the trial judge: the parties reached only a consensus or an agreement subject to bank credit approval (not a concluded binding swap); alternatively the proper law was PRC law and any swap was invalid because foreign economic contracts affecting land required a written contract under PRC law; claims in misrepresentation, breach of warranty and conversion failed; defendant succeeded on its counterclaim for repayment and interest; the PRC court's double interest award was punitive in nature and was not enforced by the Hong Kong court; the trial judge's exercise of disc…