Hong Kong Gives Wang Fuk Court Holdouts Final Call as Buyback Deadline Nears
SCMP · 4 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong authorities are making a final push to persuade holdout homeowners at fire-ravaged Wang Fuk Court to join a government buyout scheme before the August 31 deadline. As of noon on Sunday, 1,939 of the estate's 1,984 flat owners – or 97.7 percent – had submitted acceptance letters, while 77.7 percent had signed formal sale and purchase agreements. The acquisition offer provides HK$8,000 per square foot for owners with outstanding land premiums, or HK$10,500 per square foot for those who have already paid them. This leaves approximately 45 homeowners who have yet to accept the government's buyback offer.
Key Points
- The August 31 deadline requires all acceptance letters to be submitted by 5pm; owners can post submissions with that day's postmark
- As of noon on Sunday, 1,939 households (97.7%) from the eight-block Tai Po estate have submitted acceptance letters
- The government offer of HK$8,000-HK$10,500 per square foot exceeds pre-fire market values of HK$6,000-HK$8,000
- Vincent Ho Kui-yip, former president of the Hong Kong Institute of Surveyors, described the acquisition price as a "generous offer"
- Lucia Cheung, a resident of the worst-hit Wang Cheong House who lost both parents in the blaze, said she lacks energy to deal with the buyout
- Some residents of the less damaged Wang Kin House want to wait for a structural inspection report before deciding
- Last November's fire killed 168 people and displaced approximately 5,000 residents in Hong Kong's deadliest blaze in over seven decades
Why It Matters
The Housing Bureau spokesman urged the 45 remaining owners not to miss their "last opportunity" to confirm their intention to sell, warning that compulsory acquisition after the deadline would result in a lower price than the current offer. The situation highlights the tension between government urban renewal priorities and residents' emotional attachment to their homes, particularly for those who experienced personal tragedy in the fire.
The Housing Bureau spokesman urged the 45 remaining owners not to miss their "last opportunity" to confirm their intention to sell, warning that compulsory acquisition after the deadline would result in a lower price than the current offer. The situation highlights the tension between government urban renewal priorities and residents' emotional attachment to their homes, particularly for those who experienced personal tragedy in the fire.