Read the full judgment text of on BabelCite. was delivered on 31 December 1984.
1. By a sale and purchase agreement dated the 4th August 1981 Beaux Estates Limited (Beaux) agreed to purchase from Miramar Hotel & Investment Company Limited (Miramar) a plot of land occupied by the old wing of the Miramar Hotel for the sum of HK$2,800 million. A deposit of 15% was paid on the 4th August 1981, and a further 18% on the 4th February 1982. The payments were made from monies advanced to Beaux by its holding company Armatys Estates Limited (Armatys) who in turn received advances fro