Qingjian Realty has reportedly obtained the Court of Appeal’s approval to proceed with the acquisition of Shunfu Ville estate. According to market sources, two of the owners had objected to the sale, asking if the deal was made in good faith, taking into account the sale price of $638 million, which is $50 million below the reserve price.

The sale committee had launched two public tenders since 2015 and both were at a reserve price of $688 million. In both tender exercises, no formal bids were received. Though no written judgment was issued, the two objecting owners have 30 days to file an appeal. In May 2016, 82% of Shunfu Ville owners had agreed to sell the 358-unit privatised Housing and Urban Development Company estate to Qingjian Realty for $638 million. Each flat owner stood to pocket an average of $1.78 million.

Qingjian says it plans to build about 1,000 homes on the site. These will be a mix of high-rise apartments of up to 25 storeys and landed units.