Hung Fuk Estate Acquisition Deadline August 31; Government Reaffirms No Extension
Bastillepost · 2 SOURCESabout 2 hours ago2 MIN
Summary
The voluntary property acquisition scheme for Tai Po's Hung Fuk Estate will expire on August 31, with the government firmly rejecting any extension. Deputy Financial Secretary Wong Wai-lun confirmed that as of last Friday, 94.7% of owners—totaling 1,878 households—have signed acceptance of the acquisition proposal. Of these, approximately 74.1% have completed formal sale and purchase agreements. Wong emphasized that the acquisition prices of HK$8,000 per square foot for unsubsidized units and HK$10,500 for subsidized units represent a 30% premium over pre-disaster valuations, describing the offer as both reasonable and attractive. The remaining roughly 100 households still deliberating have been warned that failure to register by the deadline will result in their properties being returned to the general market mechanism.
Key Points
- Hung Fuk Estate acquisition acceptance deadline is August 31, with government refusing to extend the deadline
- 94.7% of owners (1,878 households) signed acceptance; 74.1% completed sale agreements as of August 21
- Offer prices: HK$8,000/sq ft (unsubsidized) and HK$10,500/sq ft (subsidized), 30% above pre-disaster estimates
- About 100 units have not yet signed; non-participating owners face return to market mechanism
- Forced acquisition remains an option but not before 2027, with compensation at much lower post-disaster market value
- Wong rejected publicizing signed owners' names, citing privacy concerns and noting records are available at Land Registry
- Housing Bureau released brochures and prices for 10 properties in special sales plan; selection begins end of September
Why It Matters
The impending deadline creates a critical juncture for approximately 100 remaining households, who risk receiving significantly lower compensation through forced acquisition proceedings that would not commence until 2027. The high participation rate demonstrates government resolve to expedite post-disaster recovery, but also underscores the finality of the August 31 deadline for those still undecided.
The impending deadline creates a critical juncture for approximately 100 remaining households, who risk receiving significantly lower compensation through forced acquisition proceedings that would not commence until 2027. The high participation rate demonstrates government resolve to expedite post-disaster recovery, but also underscores the finality of the August 31 deadline for those still undecided.