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…
As the deadline for homeowners to accept the Hong Kong government's offer to buy back their flats at fire-damaged Wang Fuk Court approaches, some residents refuse to sell. They argue that the offer cannot compensate for the loss of their property and community ties. The deadline, August 31, looms with 3.5% of homeowners, about 70 people, still refusing to sell.
The government has offered HK$8,000 or HK$10,500 per square foot, depending on whether the land premium has been paid. Experts describe the offer as generous, as it exceeds recent transaction levels for similar flats in the area. However, for some, the offer is insufficient to replace their lost homes and memories. Lucia Cheung, a 40-year-old resident who lost both parents in the blaze, says she cannot bear to let go of what she considers her ancestral home, despite the government's offer barely covering the cost of a comparable flat.
Shirley Keung, who has moved into the unaffected Wang Kin House, hopes for building repairs but remains undecided until receiving an inspection report. Ross Leung, who bought his Wang Chi House flat with a mortgage, argues that the offer is 20% lower than the price he paid, and that the government's decision to not negotiate the buy-back is unfair.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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