Nearly 95% of Hung Fuk Court Owners Accept Acquisition as Deadline Looms
HK01 · 1 SOURCESabout 2 hours ago2 MIN
Summary
The government acquisition of Hung Fuk Court in Tai Po has reached a decisive phase, with 94.7% of owners having accepted the offer as the August 31 deadline approaches. Deputy Chief Secretary for Administration Eric Wong Wai-lun has adopted a dual approach of persuasion and warning, emphasizing that units acquired through legislative means will be valued far below the current offer prices of HK$8,000 per square foot for non-land premium paid units and HK$10,500 for land premium paid units. With approximately 100 households still holding out, officials are intensifying their efforts while preparing contingency measures for potential legal challenges.
Key Points
- Acquisition rate stands at 94.7% as of August 21, with 74.1% having signed formal sale contracts
- Offer price is 30% above the Hong Kong Institute of Surveyors' estimate of HK$6,000-8,000 per square foot
- Government offer: HK$8,000 per sq ft for non-land premium units, HK$10,500 per sq ft for paid units
- About 30 households insist on in-situ reconstruction while 20+ face inheritance or family disputes
- Deputy Chief Secretary Eric Wong Wai-lun has warned forced acquisition will yield near-zero market value
- Executive Council members confirm government readiness to counter judicial review challenges
- Legislative forced acquisition described as "the trump card" to handle remaining holdouts
- DAB legislator Chan Hak-kan and FTU legislator Tang Ka-piu have publicly urged owners to accept
Why It Matters
This acquisition represents a critical test case for the government's post-disaster housing resettlement framework following the February fire at Hung Fuk Court. The outcome will establish precedents for handling residual ownership disputes and demonstrate the government's ability to execute large-scale redevelopment projects against community resistance. With political parties publicly aligning with the government position, the remaining holdouts face increasing pressure to accept the current terms before the deadline passes.
This acquisition represents a critical test case for the government's post-disaster housing resettlement framework following the February fire at Hung Fuk Court. The outcome will establish precedents for handling residual ownership disputes and demonstrate the government's ability to execute large-scale redevelopment projects against community resistance. With political parties publicly aligning with the government position, the remaining holdouts face increasing pressure to accept the current terms before the deadline passes.