94.7% of Hung Fuk Estate Owners Accept Acquisition; August 31 Deadline Non-Extendable
Crhk · 2 SOURCESabout 2 hours ago2 MIN
Summary
The government's voluntary property acquisition scheme for Hung Fuk Estate has reached a critical milestone, with an overwhelming majority of owners having already signed acceptance letters. The scheme's August 31 deadline is now just days away, and officials are making a final push to encourage remaining holdouts to participate in what has been described as a highly attractive compensation package.
Key Points
- As of two days before the report, 1,878 households representing 94.7% of owners had signed acceptance letters for the acquisition proposal
- Approximately 74.1% of all owners have already signed formal sale and purchase agreements with the government
- Around 100 households (5.3%) have yet to sign any documents, and the deadline will not be extended under any circumstances
- The acquisition prices of HK$8,000 per square foot (unsubsidized) and HK$10,500 per square foot (subsidized) represent a 30% premium over pre-disaster valuations
- Housing Bureau Chief Ho Man-yi confirmed that 330 households have already completed property transfer procedures and received cash compensation
- The government aims to begin arranging ballot selection for the Special Sale Scheme by the end of September
- The Special Sale Scheme covers 10 housing projects with approximately 4,400 units, with about 60% exceeding 400 square feet in saleable area
- Financial Secretary Christopher Cheung Wah-keung warned that government funding requires Legislative Council approval, unlike private market transactions, and no last-minute price increases will occur
- For the neighboring Hung Chi House (which was not directly affected by the fire), 91.5% of owners have signed and 67.7% have signed contracts
- Chief Executive John Lee Ka-chiu previously indicated that forced acquisition would only be considered at a later stage, with 2027 being the earliest possible timeline
Why It Matters
This acquisition represents one of the most significant government interventions in Hong Kong's residential market following a natural disaster, and its success will set a precedent for future similar schemes. Residents who decline to participate risk facing severely diminished property values, as post-disaster properties remain essentially unsellable in the current market conditions, and any future forced acquisition would result in compensation tied to the much lower post-disaster market value .
This acquisition represents one of the most significant government interventions in Hong Kong's residential market following a natural disaster, and its success will set a precedent for future similar schemes. Residents who decline to participate risk facing severely diminished property values, as post-disaster properties remain essentially unsellable in the current market conditions, and any future forced acquisition would result in compensation tied to the much lower post-disaster market value .