Nearly 95% of Hung Fuk Estate Owners Accept Acquisition Offers, Selection Begins Late September
AM730 · 2 SOURCESabout 1 hour ago2 MIN
Summary
The government's deadline for the Hung Fuk Estate compulsory acquisition scheme in Tai Po is set to expire at the end of this month. Financial Secretary Deputy Chief Executive Officer Wong Wai-lun confirmed that 94.7% of owners, totalling 1,878 households, have signed acceptance of the acquisition proposal, with approximately 74.1% having already executed formal sale contracts. Successful applicants will receive allocation number notifications in early September, with computerised random sorting scheduled for mid-September to determine selection priority and flat selections commencing by late September.
Key Points
- Acquisition prices set at HK$8,000 per square foot for unimproved units and HK$10,500 per square foot for improved units, representing a 30% premium over pre-incident valuations
- Housing Bureau Chief Ho Sai-yu announced daily selection quotas will be reduced from approximately 140-150 cases to just 50-60 cases to accommodate elderly residents
- A dedicated "explanation team" will accompany residents throughout the selection process to provide guidance on property transactions
- 330 households opting for cash compensation have already completed procedures and received payments, with some purchasing units through the Green Form market
- Wong Wai-lun dismissed speculation about the government converting the site into profitable high-rise developments, reiterating plans for a park and community facilities
- Property owners declining the special sales scheme units may choose direct cash compensation with a two-year Green Form qualification to purchase secondhand housing
Why It Matters
The high acceptance rate demonstrates government resolve to proceed with the redevelopment following the devastating fire, though the remaining 5.3% of undecided owners face potential legal proceedings that could result in significantly lower compensation. The streamlined selection process with reduced daily quotas reflects administrative sensitivity toward an elderly resident population unfamiliar with property market mechanics, setting a precedent for future large-scale urban renewal projects involving vulnerable communities.
The high acceptance rate demonstrates government resolve to proceed with the redevelopment following the devastating fire, though the remaining 5.3% of undecided owners face potential legal proceedings that could result in significantly lower compensation. The streamlined selection process with reduced daily quotas reflects administrative sensitivity toward an elderly resident population unfamiliar with property market mechanics, setting a precedent for future large-scale urban renewal projects involving vulnerable communities.