SHENZHEN ZHAOTIAN INVESTMENTS CO LTD v. HENDERSON LAND DEVELOPMENT CO LTD AND ANOTHER

CACV 79/2012

IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF APPEAL

CIVIL APPEAL NO. 79 OF 2012

(ON APPEAL FROM HCA 825 OF 2008)

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IN THE HIGH COURT OF THE

HONG KONG SPECIAL ADMINISTRATIVE REGION

COURT OF APPEAL

CIVIL APPEAL NO. 79 OF 2012

(ON APPEAL FROM HCA 899 OF 2009)

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REASONS FOR DECISION

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1.  On 22 January 2013, I ordered the appellants to pay into Court $1.2 million as security for costs of their appeal.

2.  The only issue I had to decide was on amount of the security.  The appellants conceded that they have to pay security.  The respondents asked for $1,620,000 which is to be apportioned as to ⅔ for the appeal from HCA 825/2008 and ⅓ for the appeal from HCA 899/2009.  Of this sum counsel’s fee (two counsel) for the two day appeal is at $1,305,000.

3.  The appellants without elaboration submitted that the amount of security should only be $600,000.  Upon inquiry by me, Mr. Lee, counsel for the appellants, stated that counsel fees for the two counsel who will appear on appeal for the appellants will also exceed $1 million.  Hence his suggestion that the security should only be at $600,000 was totally unrealistic.  Bearing in mind the amount of the claim and the complexity of the case, I considered $1.2 million to be appropriate and I so ordered.