Hong Kong's Court of Final Appeal has begun considering an application by an elderly resident of the territory for a permanent ban on the government's $3 billion real estate investment trust (REIT) plan.
The hearing, which began on Tuesday, is expected to last for two days, following which the five member panel of judges will consider the case and make a decision several days later.
The launch of the massive REIT offering - which includes 180 car parks and almost 1 million square metres of retail space - was set to take place last December, but Lo Siu-lan, an elderly resident of government-owned accommodation argued that the deal undervalues the assets, and could lead to higher costs for tenants. She is being backed by pro-democracy campaigners who argue that the REIT will lead to higher rents for tenants.
Although a lower court rejected her claim, the REIT's IPO had to be postponed anyway, an embarrassing development which is thought to have contributed to former chief executive Tung Chee-hwa's recent decision to resign.
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