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Hong Kong Wang Fuk Court buyout leaves 17 owners facing acquisition
The government said the purchase process will continue for the remaining households, after 99.1% of 1,984 flat owners returned acceptance letters by Monday’s 5pm deadline.
Housing and buyout scheme outcomes at Hong Kong’s fire-ravaged Wang Fuk Court have narrowed the number of holdouts, with the government buyout closing on Monday leaving 17 households facing potential compulsory acquisition.
According to SCMP Economy, by the 5pm cut off, 1,967 owners, or 99.1% of the estate’s 1,984 flat owners, returned acceptance letters. Of those who accepted, 1,559, or 78.6%, signed formal sale and purchase agreements with the government.
The outlet reports the remaining 17 may face compulsory acquisition in the future, potentially at lower compensation levels. The government said it would continue the remaining acquisition procedures at full speed to advance the overall process.
The HK$6.8 billion (US$867.24 million) scheme was announced in February after a fire tore through seven blocks of the Tai Po estate last November, killing 168 people and displacing about 5,000 residents. SCMP Economy adds that officials have ruled out on site redevelopment and that the government is acquiring flats at HK$8,000 or HK$10,500 per square foot, depending on whether the owner has paid the land premium.