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

About 100 homeowners, or 5 per cent, at fire-ravaged Wang Fuk Court in Hong Kong have yet to accept the government’s buy-back offer with a week left before the deadline, Deputy Financial Secretary Michael Wong Wai-lun has said, stressing that the acquisition scheme will not be extended.

“The deadline is a very serious timeline … it will not be extended, nor will better terms and a higher acquisition price suddenly be offered … I hope [the homeowners] will understand and take the appropriate action within the remaining eight days,” Wong told a radio programme on Sunday.

He emphasised that compensation under the statutory mechanism at a later stage would be substantially lower, as the government could turn to legal means to acquire remaining flats next year at the earliest.

“Under the statutory mechanism, compensation is based on the market value at the time of acquisition. That would mean the value after the fire … which is substantially lower than the government’s offer of HK$8,000 or HK$10,500 per square foot,” he added.

The city’s deadliest blaze in decades swept through seven of the Tai Po estate’s eight blocks last December, killing 168 people and displacing about 5,000 residents.

Owners have until August 31 to submit acceptance letters. After selling their homes and receiving compensation, they may either buy a property on the open market or join a special sales programme to acquire a new subsidised flat, using cash or under a flat-for-flat arrangement.