LAND (COMPULSORY SALE FOR
REDEVELOPMENT)
Ord. No. 30 of 1998
A889
- (b) where—
- (i) there has been a dispute referred to in section 4(1)(a)(i) of the Ordinance which has resulted in a variation of those values; or
- (ii) in consequence of the requirement under section 4(1)(a)(ii) on the majority owner to satisfy the Tribunal as to the matter referred to in that section, there has been a variation of those values,
- those values as so varied.
SCHEDULE 2
[ss. 5(1) & 13]
Conditions in Accordance with which Lot shall be Sold by Auction
1. The public shall be given notice of the auction by means of an advertisement—
- (a) published—
- (i) in not less than 1 Chinese language newspaper (and in the Chinese language), and in not less than 1 English language newspaper (and in the English language), circulating generally in Hong Kong; and
- (ii) not less than once in each of the 3 weeks immediately preceding the date on which the auction is to be held; and
- (b) stating—
- (i) that the lot the subject of the auction is being sold pursuant to an order for sale under this Ordinance;
- (ii) that the purchaser of the lot and the purchaser’s successors in title will be subject to the conditions specified in Schedule 3 and the conditions, if any, specified in the order for sale;
- (iii) where, and during what times, a copy of the order for sale and the directions may be obtained or inspected; and
- (iv) the date, time and place of the auction.
2. The lot the subject of the auction shall be sold subject to a reserve price—
- (a) which takes into account the redevelopment potential of the lot on its own (or, where 2 or more lots are the subject of the auction, on their own); and
- (b) approved by the Tribunal.
SCHEDULE 3
[ss. 7, 9 & 13
& Sch. 2]
Conditions to which Purchaser of Lot and Purchaser's Successors in Title shall be Subject
1. There shall be redevelopment of the lot and the redevelopment shall be completed and made fit for occupation—
- (a) subject to paragraph (b), within such period, not being a period which expires after 6 years after the date on which the purchaser of the lot became the owner of the lot, as specified by the Tribunal in the order for sale to which the lot is subject;
- (b) such further period, if any, as the Tribunal may allow on the application of the purchaser of the lot or his successor in title.
