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Hong Kong rejects rumors over Wang Fuk Court acquisition company status
The Housing Bureau said the buyback program is backed by about HK$2.8 billion from a support fund, and the government estimates an added HK$1 billion would be needed to buy unaffected Wang Chi House flats.
Hong Kong housing authorities have moved to counter online rumors about the government established company behind the acquisition of flats at fire ravaged Wang Fuk Court, saying claims it is an “empty shell” at risk of bankruptcy are unfounded. In a statement carried by SCMP Economy, the Housing Bureau said contracts have been signed with more than 550 owners and that allegations could be intended to mislead the public. A bureau spokesman said it cannot be ruled out that the claims are driven by ulterior motives, and said the government needs to set the record straight. The authorities said funding for the acquisition program would not fall short, citing about HK$2.8 billion from the Support Fund for Wang Fuk Court. Separate public funding of HK$4 billion has been earmarked in this year’s budget for buying flats across all seven blocks affected by the deadly November fire. The government estimated that purchasing all flats in the unaffected Wang Chi House would cost an additional HK$1 billion, and said it would seek further funding from the Legislative Council’s Finance Committee on Friday. Authorities also said sale and purchase agreements are being signed with owners who returned letters accepting the government offers, and that by late June more than 82.0 percent of Wang Fuk Court flat owners had accepted the buyback offers.