4 Apr 2022
HOLLY PROPERTY CO LTD v. ACEWELL INVESTMENTS LTD AND OTHERS
- Citation
- [2022] HKLdT 16
- Court
- Lands Tribunal
- Case number
- LDCS28000/2020
The Tribunal found the applicant met the statutory ownership threshold (taking into account the lowered 80% threshold for Lot 1), accepted uncontested expert evidence that the buildings were aged and in a state of repair that justified redevelopment, concluded the applicant had taken reasonable steps to acquire remaining shares including making increased offers, determined EUV ($344,750,000) and RDV by residual valuation and set the reserve price at $529,000,000, and therefore ordered sale by public auction with appointed trustees and costs nisi.