75.8% of flat owners at block unscathed by Tai Po fire agree to sell to authorities
More than 75 per cent of homeowners at the only block spared the worst of last November’s deadly fire at Wang Fuk Court have agreed to sell their flats to the Hong Kong government, with authorities to press ahead with acquisition procedures. The Housing Bureau said on Thursday that 75.8 per cent of the flats at the estate’s Wang Chi House, or 188 households, had signed sales and purchase…
A staggering 75.8% of flat owners at Wang Chi House, the sole block untouched by the devastating November fire in Tai Po, have agreed to sell their homes to the Hong Kong government, according to officials. The Housing Bureau announced that 188 households have signed sales and purchase agreements as of Wednesday. Authorities confirmed they will proceed with the acquisition process and sign agreements with owners to finalize property title transfers.
In the wake of the tragedy, the government initiated a buy-back program for flats in the eight-block subsidized housing estate. Owners in the other seven blocks received initial buy-back offers, but the scheme was later extended to Wang Chi House. The government offered to purchase flats at either HK$8,000 or HK$10,500 per square foot, depending on whether owners had paid their land premiums.
Initial buy-back letters were sent to all owners across the eight blocks, with 99.3% of the 1,971 households confirming their intention to sell.
However, the government had stated that it reserved the right to cancel the acquisition plan if fewer than 75% of Wang Chi House owners agreed to sell by October 15. As of Wednesday, 1,595 owners had already signed sales and purchase agreements with the government. The Housing Bureau stated they would swiftly follow up to complete the remaining property acquisitions.
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.
