Hong Kong rules out Wang Fuk Court buy-back extension as 100 owners hesitate

A week remains until the deadline for homeowners to accept the government's buy-back offer for the fire-damaged Wang Fuk Court in Hong Kong, Deputy Financial Secretary Michael Wong Wai-lun has warned. Only about 100 properties, representing 5% of the total, have yet to accept the offer. Wong emphasized that the acquisition scheme will not be extended and that compensation under a later statutory mechanism would be substantially lower due to the decreased value of fire-damaged properties.

The government expects to acquire the remaining flats next year, starting at the earliest possible date. Homeowners have until August 31 to submit acceptance letters, after which they can choose to purchase a property on the open market or join a special sales programme to acquire a new subsidised flat. As of August 21, 1,878 households out of 1,992 flats have submitted acceptance letters, and 74.1% of owners have signed sale and purchase agreements with the government.

Wong urged homeowners not to miss the deadline, as they could not accept the offer after it expires, and that legal means would only be used to acquire any remaining flats in the following year. The deadly fire swept through the Tai Po estate in December last year, killing 168 people.