meters of land in that Park had been let by the use of sites to occupiers beneath underleases which had been long-term arrangements, and this had been achieved over some seven years. 830,000 square metres represents around 35% of the whole space of Fucheng Park, and round 60% of the lettable land, on the idea of Dr Han’s proof that about 40% could be given over to infrastructure, amenity land and the like. We conclude that there is a adequate track record upon which a DCF calculation could also be primarily based, albeit caution is required as regards the appropriate assumptions to be adopted. In the case of Fucheng Park, while one may have doubts about a few of the particulars of the evaluation, each the adoption of a DCF valuation, and the final thrust of Mr Matthews’s strategy to that valuation appear to us to be justified. As at July 2016, around 830,000 sq.
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Before we move on from the jurisdictional and preliminary factors, we should point out an additional point which was raised by Nigeria in its skeleton argument for the hearing and which it mentioned on the hearing with some drive , particularly that Zhongfu’s funding was not made in accordance with Nigerian domestic law. Accordingly, it’s not a degree which Nigeria can depend on, and due to this fact it’s not a point which Zhongshan may have be anticipated to satisfy, and certainly, it was not a point on which we have been addressed by Zhongshan. Indeed, in our ruling on 21st September 2020, we had refused permission for it to be raised in Nigeria’s proposed Rejoinder. If Nigeria wished to contend that not merely that the 1601 Note itself, but that the PRC’s explanation for the Note, is relevant to Nigeria’s case in this arbitration, then it would have been open to Nigeria to call, or no much less than to hunt to name, lawyer staying permit relevant staff or brokers of the PRC government to offer proof to us.
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