6 Dec 2021
NICE BEAUTY LTD v. YAN YAN MOTORS LTD AND OTHERS
- Citation
- [2021] HKLdT 77
- Court
- Lands Tribunal
- Case number
- LDCS14000/2019
The tribunal concluded the applicant satisfied the ownership threshold (average >80% under the Specification Notice), redevelopment was justified on grounds of age and poor state of repair (extensive carbonation/corrosion, functional and physical obsolescence, repair ineffective or disproportionate), the applicant had taken reasonable steps to acquire remaining shares with offers falling within a fair and reasonable band, and accepted the experts' residual valuation giving an RDV/reserve price of HKD 812,300,000; accordingly an order for sale by public auction was made and trustees appointed.