Lands Tribunal gives go-ahead for forced sale of Hang Hin Mansion flats
K Wah International, a mid-tier developer run by gaming tycoon Lui Che-woo (right), has won government approval to force the remaining owners of flats at Hang Hin Mansion in Mid-Levels East to sell their units.
The developer acquired 92 per cent of Hang Hin Mansion's ownership for HK$281 million in February last year, a level at which it could force the sale of the remaining units through an auction under the acquisition rules.
K Wah filed the compulsory order after failing to reach sales agreements with the rest of the owners and its application was approved by the Lands Tribunal on Wednesday.
The Lands Tribunal appointed a trustee who in turn will hire a property agency or survey firm to handle the public auction. The auction will be held next month, based on the standard procedure.
'We have received the order from the Lands Tribunal,' said Quinly Wan Tsz-mei, a property manager of K Wah Real Estates, a subsidiary of K Wah International. 'We hope the auction will be held as soon as possible.'
Hang Hin Mansion has a site area of 16,000 square feet, which could provide a total gross floor area of 57,000 square feet.