26 Mar 2014
DAY BRIGHT DEVELOPMENT LTD AND OTHERS v. U ION FAI AND OTHERS
- Citation
- DAY BRIGHT DEVELOPMENT LTD AND OTHERS v. U ION FAI AND OTHERS
- Court
- Lands Tribunal
- Case number
- LDCS12000/2012
Applicants satisfied the statutory ownership threshold (applicable threshold reduced to 80% by s.3(5) notice), the valuation of the missing unit was fair and reasonable, experts established the Building is over 53 years old and in a state beyond reasonable economic repair so redevelopment is justified, and the applicants took reasonable steps to acquire outstanding shares; accordingly Tribunal ordered compulsory sale by public auction and fixed the reserve price at HK$164,000,000 (trustee appointed and sale particulars approved).