Over 93% of Wang Fuk Court Owners Sign Government Buyout Agreement
HKFP · 2 SOURCESabout 3 hours ago2 MIN
Summary
More than 93 percent of homeowners at Wang Fuk Court in Tai Po have signed formal sales agreements to sell their flats to the government under a buyout scheme launched after a deadly fire last year. The Housing Bureau announced on Friday that 1,850 owners across all eight residential blocks completed the Agreement for Sale and Purchase (ASP) before Thursday's deadline, representing 93.2 percent of total residential units. Around 1,700 homeowners chose to receive replacement flats under the Special Sales Exercise, selecting from 10 development projects with a total of 4,400 reserved units available.
Key Points
- The Housing Bureau confirmed 1,850 owners from Blocks A through H executed the sale and purchase agreements, achieving a 93.2 percent participation rate
- Ninety-nine percent of homeowners, or 1,971 owners, completed the initial step by signing a letter of acceptance agreeing to sell their flats
- Some owners were unable to sign due to special circumstances including bankruptcy proceedings, overseas residency, probate cases, and ownership disputes
- Approximately 1,700 homeowners selected replacement flats from 10 development projects in districts including Kowloon Bay, Tseung Kwan O, Tai Po, and Kwun Tong
- Deputy Financial Secretary Michael Wong warned that if legislative means are used for remaining unsold titles, compensation would be substantially lower than the buyout offer
Why It Matters
The successful participation rate marks a significant step in the government's effort to resolve the aftermath of the Wang Fuk Court fire tragedy that prompted the buyout scheme. With authorities leaving the door open to legislative action for holdout owners, the case could set a precedent for how Hong Kong handles future mass buyouts of subsidized housing estates and establish clearer protocols for balancing individual property rights against public policy objectives .
The successful participation rate marks a significant step in the government's effort to resolve the aftermath of the Wang Fuk Court fire tragedy that prompted the buyout scheme. With authorities leaving the door open to legislative action for holdout owners, the case could set a precedent for how Hong Kong handles future mass buyouts of subsidized housing estates and establish clearer protocols for balancing individual property rights against public policy objectives .