Laguna Verde flat owners are being sued for backing out of their purchase agreements with damages being sought for the shortfall in re-selling the plush apartments. Five writs have been filed by Kar Ho Development, owner of the Hunghom development, seeking a declaration that the deposits be forfeited and damages also be paid, along with interest. Kar Ho is claiming losses of nearly $3 million against one particular company, East Creation, which it claims reflects the fall in the value of one of the flats plus the forfeiture of the $1.5 million deposit. The flat was originally purchased for $15.2 million. However, it was eventually re-sold for only $7.72 million. The litigation comes on the heels of legal action taken by a group of 25 buyers last year, seeking to back out of their deals. The flat owners claimed the buildings were not completed on time and an extension granted to the developer was unjustified. Phase one of the Hunghom development - a joint venture between Cheung Kong (Holdings) and CLP Holdings - was launched in March last year at an average price of $8,286 per square foot for cash. PROPERTY
