26 Jan 2021
NICE ABLE HOLDINGS LTD AND ANOTHER v. CHI AH CHIANG AND ANOTHER
- Citation
- [2021] HKLdT 6
- Court
- Lands Tribunal
- Case number
- LDCS22000/2020
The Tribunal accepted expert evidence that the building (over 58 years old) is in a state of serious disrepair and functionally obsolete, and that repair costs and ongoing deterioration make redevelopment justified; the applicants had taken reasonable steps to acquire remaining shares; the EUV and RDV valuations produced by the applicants' expert were accepted and a sale order by public auction was therefore warranted with the reserve price fixed at HKD190,000,000 and trustees appointed to manage the sale.