The Hong Kong government will not extend the August 31 deadline for owners to join the Wang Fuk Court acquisition and designated sales schemes, despite a small number of owners still not having accepted the offer. Deputy Financial Secretary Michael Wong Wai-lun said extending the deadline would affect the timetable for rehousing residents and subsequent sales work.
As at August 23 or the preceding Friday, 1,878 households had signed to accept the acquisition offer, representing about 94.7 per cent of owners. About 74.1 per cent had also signed sale and purchase agreements, while roughly 100 households, or 5.3 per cent, had not signed acceptance forms. The reports use slightly different reference points for these figures.
The government has proposed paying HK$8,000 per square foot for unredeemed units and HK$10,500 per square foot for units with redeemed land premiums. Wong said the prices were about 30 per cent higher than pre-disaster valuations. Separately, 330 households chose cash acquisition, completed the transfer deeds and received payment.
Officials expect to contact residents and arrange a random ballot in September, with home selection targeted to start by the end of that month. Housing Secretary Winnie Ho Wing-yin said residents would receive random numbers to determine the order in which they choose homes. Reports differ on the precise ballot date and whether applicants will be handled in batches, so the final process has not yet been confirmed.
The government has published sales brochures and prices for 10 residential projects under the designated scheme. It said seven projects are priced at or below the HK$8,000-per-square-foot acquisition benchmark for unredeemed units. For some projects that will be completed later, rental subsidies will continue until residents move into their new homes.
For owners who do not sell, the government says it will study using legislation or other legal means to recover the remaining interests. Wong said compensation would be linked to market value and that such a mechanism could be implemented in 2027, although the details and timing remain unsettled. Officials have also said the original Wang Fuk Court site is intended for a park or community facilities, denying that the land would be recovered to build high-rise blocks for resale and profit.