Hong Kong rules out extension for Wang Fuk Court buy-back with deadline looming
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
The Hong Kong government has firmly ruled out extending the buy-back deadline for the fire-ravaged Wang Fuk Court estate in Tai Po, with approximately 100 homeowners—representing 5 per cent of residents—still holding out on accepting the offer as the August 31 deadline approaches. Deputy Financial Secretary Michael Wong Wai-lun issued a direct appeal on a Sunday radio programme, cautioning that the acquisition scheme will not be prolonged and that better terms will not be offered at the last minute.
Key Points
- Government buy-back offer stands at HK$8,000 or HK$10,500 per square foot, with no possibility of increased compensation
- Statutory mechanism compensation would be substantially lower, based on post-fire market value assessed at time of acquisition
- As of August 21, 1,878 households (94.7 per cent) had submitted acceptance letters, with 74.1 per cent having signed sale and purchase agreements
- Wang Chi House, the only block untouched by flames, shows 91.5 per cent acceptance rate and 67.7 per cent signed agreements
- The December blaze killed 168 people and displaced roughly 5,000 residents across seven of the eight blocks
- After selling, homeowners may purchase on the open market or join a special sales programme for subsidised flats under cash or flat-for-flat arrangements
Why It Matters
This situation underscores the government's determination to close the chapter on Hong Kong's deadliest fire in decades while balancing fiscal constraints with humanitarian considerations. The remaining holdouts face a stark financial reality: accepting now guarantees significantly better compensation than waiting for mandatory acquisition proceedings that could begin as early as next year .
This situation underscores the government's determination to close the chapter on Hong Kong's deadliest fire in decades while balancing fiscal constraints with humanitarian considerations. The remaining holdouts face a stark financial reality: accepting now guarantees significantly better compensation than waiting for mandatory acquisition proceedings that could begin as early as next year .