Read the full judgment text of HCMP 3041/2016 on BabelCite. This High Court CFI judgment was delivered on 27 January 2021 before Deputy High Court Judge William Wong SC.
Partition Ordinance – Order for Sale – Variation of Reserve Price – Co-ownership – Costs – Civil Procedure – The Court has jurisdiction to vary an order for sale under section 6 of the Partition Ordinance when there are changes of circumstances or by way of liberty to apply. – The Court should facilitate the parties to get on with the sale when the previous reserve price failed to achieve its intended purpose. – Updated valuation reports opining the market value at HK$265 million demonstrate the Proposed New Reserve Price is appropriate. – The Court takes into account actual market responses and sometimes prefers them to theoretical professional estimations when there are no willing purchasers. – The 2nd Defendant's objection that the price is far too low is not supported by evidence as to what the market price should be. – The Court is not in a position to speculate how the general property market will rise or drop in the foreseeable future. – Adjournment is refused as the 2nd Defendant had ample opportunity to obtain a valuation report and further delay would cause prejudice to the Plaintiffs. – The 2nd Defendant is ordered to pay the Plaintiffs' costs of the hearing on a party to party basis. – Costs of the Official Receiver and application costs are to be paid out of the proceeds of the sale of the Properties. – Application granted with orders varying the reserve price and sale conditions.
Legal issues: Jurisdiction to vary order for sale · Appropriateness of new reserve price · Objection by 2nd Defendant regarding market conditions
Outcome: Application granted; order for sale varied
Cited by 3 cases · Cites 4 cases