Read the full judgment text of CACV 000147/1994 on BabelCite. This Court of Appeal judgment was delivered on 22 December 1994.
1. This appeal concerns a contract entered into between the appellant (purchaser) and the respondent (vendor) relating to the purchase of a building No. 55 Connaught Road Central, valued at $442 million. The contract was in fact for the purchase of the shares of the private company which owned the building. Pursuant to the contract the purchaser paid the sum of $5,000,000 as initial deposit but, before the date for completion of the transaction had arrived, the vendor purported to forfeit that s