Why some Wang Fuk Court owners have refused buy-back deal even as deadline nears
As the deadline approaches for homeowners to accept the Hong Kong government’s deal to buy back their flats at fire-ravaged Wang Fuk Court, some who refuse to sell have said the offer cannot make up for the loss of their property and communal bonds. With the clock ticking to the August 31 cut-off date, the South China Morning Post spoke to six residents determined not to sell their homes at the…
With the deadline for homeowners to accept the Hong Kong government’s buy-back offer nearing, several residents of the fire-ravaged Wang Fuk Court have refused to sell their homes. The decision is based on the belief that the offer does not fully compensate them for the loss of their property and the communal bonds they formed in the estate.
The government's offer of HK$8,000 (US$1,020) or HK$10,500 per square foot, depending on the land premium, is seen as generous, especially considering the age of the flats and recent transaction levels in the area. However, the residents argue that the offer is insufficient to cover the full cost of rebuilding their homes or replacing the value they placed on their ancestral homes.
Some residents, like Lucia Cheung, are not looking for a better deal, but rather the opportunity to return to their homes, which they consider irreplaceable. The deadliest fire in Hong Kong's history, which occurred last November, destroyed seven of the eight blocks in Wang Fuk Court, killing 168 people and displacing around 5,000 residents.
The government has spent approximately HK$6.8 billion to acquire the flats in the affected blocks, but is not planning on-site redevelopment.
Written by urgent.news from South China Morning Post - Hong Kong's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
