The common areas of Hong Lok Yuen estate, which includes the roads and parks of Hong Lok Yuen, are held as property by a company called Honfair Properties Ltd. Honfair is a British Virgin Islands company, and a public Panama Papers Report from 2016 shows that this company was struck off (dissolved) in 2011.
What does that mean to you as an owner & resident of Hong Lok Yuen?
When a company is struck off then any land or property held by it is transferred to the government - in this case the common areas are held by the British Virgin Islands Government.
So hopefully the BVI Government will allow us owners & residents to continue to use the roads & common areas of Hong Lok Yuen, and so is it to the BVI Government that we should be directing any enquiries in relation to the management of the common areas, in addition to payment of any management fees for the common areas?
Download the Panama Papers Report on the dissolution of Honfair here.
Download the HK Land Search record for the common areas of HLY here:
FYI, when a company is dissolved two main legal issues immediately arise:
1) The company cannot start any legal action, and you cannot start any legal action against it;
2) Any property of the company is transferred to the respective government and is then held by that government under the legal principles of bona vacantia (ownerless goods).
We have approached HLY Property Management Company Ltd to discuss this, and they have refused to meet us.
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