Over 96% of Tai Po fire-hit Wang Fuk Court owners accept gov't buyback offer

Over 96% of homeowners at the fire-damaged Wang Fuk Court in Tai Po have accepted a government buyback offer, with just three days remaining before the scheme closes on Monday, authorities announced.

Secretary for Housing Winnie Ho reported Friday that 1,914 of the estate’s 1,984 owners—96.5%—had signed and returned letters of acceptance for the voluntary purchase program. Only 70 homeowners had not yet decided as the deadline approaches.

“There are just over three days left from today,” Ho wrote in a Chinese-language Facebook post. “We encourage these owners to seize the opportunity to sign and return the letter of acceptance before 5 p.m. on Monday.”

The government also confirmed that 1,526 homeowners—76.9% of participants—have proceeded to the next step by signing formal sale and purchase agreements.

The buyback initiative was introduced in February following a deadly blaze on November 26 that destroyed seven residential towers at Wang Fuk Court, killing 168 people and displacing thousands from the subsidized estate.

Under the scheme, owners can sell their units at fixed prices of either HK$8,000 or HK$10,500 per square foot, depending on whether they have paid land premiums. Participants may choose to receive cash compensation or exchange their flats for new government-subsidized units.

Approximately 4,400 such units have been set aside for those opting for the swap. Ho said the government will use a computerised lottery to allocate new flats, with priority given to owners who submitted their acceptance letters by June 30. From late September, between 50 and 80 households per day will begin selecting new units.

Ho added that the 10 estates included in the buyback program are located across Hong Kong, offering around 2,800 units with saleable areas exceeding 400 square feet.

Deputy Financial Secretary Michael Wong has previously stated that the government may pursue legislative measures to acquire any remaining unsold titles.

Some residents have expressed feeling pressured into accepting the buyback, after authorities ruled out rebuilding the estate on its original site.

The government is urging all remaining undecided owners to finalize their decisions before the Monday deadline.

Supporting press freedom in Hong Kong, this report is provided by the Hong Kong Free Press, an independent news outlet committed to public service journalism.