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Sam is the wealth management account holder of Bank B. He would like to borrow money from Bank B for the investment in a residential
Sam is the wealth management account holder of Bank B. He would like to borrow money from Bank B for the investment in a residential apartment located in Kowloon Tong. The relationship manager of the wealth management department of Bank B told Sam that there has been many customers who are interested in the residential property in Kowloon Tong and Sam made a good decision to purchase the residential apartment in Kowloon Tong. In this regard, Sam made the decision to borrow HK$5 million to purchase a residential apartment in Kowloon Tong. However, the property market began to fall due to the unanticipated rise in the interest rate. Same was forced to sell the residential apartment in Kowloon Tong and made a loss of HK$2 million. Sam would like to sue Bank B for negligent advice and claimed the loss of HK$2 million and monetary damages for emotional depression. REQUIRED: Discuss whether Sam has the chance to win the case against Bank B and the claims for negligent advice and emotional depression. 50
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