Holdout Homeowners at Fire-Damaged Wang Fuk Court Reject Buyback Offer as Deadline Looms
SCMP · 1 SOURCESabout 2 hours ago2 MIN
Summary
With the August 31 deadline looming, about 70 homeowners at fire-devastated Wang Fuk Court in Tai Po are refusing the Hong Kong government's buyback offer. The deal offers HK$8,000 or HK$10,500 per square foot, which experts say exceeds the pre-fire market value of HK$6,000 to HK$8,000 per square foot for the 40-year-old estate. While most residents have accepted the compensation and are moving on, some holdouts say the offer cannot make up for the loss of their homes and the communal bonds they formed over decades.
Key Points
- Approximately 70 homeowners, representing 3.5% of residents, have not accepted the government buyback offer
- The offer provides HK$8,000 per square foot for those with outstanding land premiums, or HK$10,500 per square foot for those who have paid them
- Vincent Ho Kui-yip, former president of the Hong Kong Institute of Surveyors, described the acquisition price as a "generous offer"
- Pre-fire market estimates put flat values at about HK$6,000 to HK$8,000 per square foot, making the government offer exceed recent comparable transactions
- Lucia Cheung, a resident of the worst-hit Wang Cheong House, lost both parents in the blaze and says she lacks energy to deal with the buyout
Why It Matters
If compulsory acquisition proceeds after the August 31 deadline, holdout homeowners would receive a lower price than the current generous offer. The situation highlights the tension between government urban renewal priorities and residents' emotional attachment to their homes and community bonds, particularly for those like Cheung who experienced personal tragedy in the fire.
If compulsory acquisition proceeds after the August 31 deadline, holdout homeowners would receive a lower price than the current generous offer. The situation highlights the tension between government urban renewal priorities and residents' emotional attachment to their homes and community bonds, particularly for those like Cheung who experienced personal tragedy in the fire.