Hung Fuk Estate Acquisition Deadline Looms as 100 Households Remain Undecided

Key Points

• The government has confirmed that 1,878 households, representing 94.7 percent of Hung Fuk Estate owners, have signed acquisition proposals as of last Friday, with 74.1 percent having already completed formal sales contracts 23. Deputy Financial Secretary Adrian Wong emphasized during a radio programme that the August 31 deadline is "a serious timeline" that will not be extended 2.
• For Hung Chi Court (宏志閣), the unaffected block where residents were allowed to join the acquisition scheme in late June following over 75 percent consensus, 91.5 percent of owners have signed proposals while 67.7 percent have signed sales contracts 23.
• *Acquisition Terms and Compensation**
• The government's acquisition offer stands at HK$8,000 per square foot for unsubsidized units and HK$10,500 per square foot for subsidized units, representing a 30 percent premium over pre-fire market valuations 23. Housing Bureau Chief Ricky Ho (何永賢) announced a "flat-for-flat" arrangement specifically designed for Hung Fuk residents, with computer-randomized selection scheduled for mid-next month and unit selection commencing by month-end 2. Approximately 50 to 60 households will be handled daily, accompanied by briefing teams 2.
• As of the report, 330 households choosing cash compensation have completed procedures and received payments, with several utilizing "green form" eligibility to purchase units in the secondary market 2.
• *Residents' Concerns and Government Response**
• Some unsigned residents have voiced strong objections to the acquisition terms. One Hung Tai House (宏泰閣) resident told this newspaper that her family fears signing the agreement before being allowed a third opportunity to return to their unit, worried the government might "go back on its word" 1. The resident accused authorities of "changing their stance like the wind" and lacking credibility, noting previous arrangements were "overturned after being announced" 1.
• Another resident criticized the compensation as unreasonable, stating: "We originally had an orange, but they are forcing a grape into our hands—this is not reasonable compensation" 1. The resident further alleged that government departments were "collectively negligent" in causing the fire disaster, yet instead of properly assisting victims, authorities "continue to use the law to oppress us" 1.
• *Future Implications**
• Regarding properties that remain unsold after the deadline, Wong stated the government may introduce legislation in 2027 to compulsorily acquire rights, citing legal and surveying professionals who indicated compensation would be "significantly lower" than current offers based on post-disaster market values 23. Officials stressed that unsold properties would return to general market mechanisms, and in the "no-buy, no-sell" environment following the fire damage, owners needing immediate funds would receive no assistance 3.
• Responding to public concerns that the government would redevelop the site for profit, Wong called such claims "vicious" and reiterated that future planning用途 is for parks and community facilities 23. Regarding the HK$2 billion fire insurance payout, officials clarified the funds are designated for "replacement" rather than direct cash compensation, with the government assuming all associated time and legal uncertainties 3.
• On residents' concerns about retrieving belongings, officials confirmed that while ownership transfers to the government after completion, "humane arrangements" will allow former owners to return to collect personal items 3.
• *Verification and Transparency**
• Addressing claims that official statistics contain "water content" and demands for detailed signing records by block, authorities denied any deception, emphasizing that publishing individual lists would violate privacy and potentially enable undue influence 3. Upon completion of property transfers, the public may legally search records at the Land Registry 3.