A mysterious man has been approaching estate agencies in Tai Po offering to buy units at the fire-ravaged Wang Fuk Court at steep discounts, prompting sharp criticism from agents who called the move “highly immoral.”
The bespectacled man has reportedly offered HK$6 million for five flats in the public housing estate, which was hit by a No. 5 alarm fire nearly two weeks ago, averaging HK$1.2 million per unit, according to two agents who spoke anonymously.
He is said to be seeking flats with the land premium paid, offering HK$3,000 per square foot regardless of orientation, view, floor level, or damage extent – even for units where deaths occurred. The price drops to HK$2,400 per square foot if the original deed is missing or destroyed, or for lower-floor units.
Based on an average size of 431 to 485 square feet, each unit would cost HK$1.29 million to HK$1.45 million. This is more than 60 percent below pre-fire market prices, which ranged from HK$6,007 to HK$8,345 per square foot this year.
The man, described as in his 30s and carrying a backpack, explained his low offers by claiming the entire estate is now considered "haunted" following the fatal fire, typically reducing value by 30 to 40 percent. He also anticipated lengthy litigation and high repair costs that would burden owners, arguing that insurance payouts would primarily cover victim compensation.
He offered HK$60,000 commission per unit, promised full cash payment without a mortgage, and said sellers would not bear any fees. He claimed major agencies like Centaline and Midland had refused to handle Wang Fuk Court transactions.
An agent condemned the behavior as exploitative, suggesting the buyer aimed to "bottom-fish" and profit after future repairs or redevelopment. His agency refused to participate on ethical grounds.
Barrister Albert Luk Wai-hung clarified that fire damage does not negate ownership rights, and transactions can proceed even with missing deeds, though copies from the Land Registry would be needed. Banks might still grant mortgages given the well-publicized circumstances.
Veteran investor Vincent Ng Kung-lau said the offers represented a "huge discount" but involved significant risk, requiring assessment of the death toll and structural damage. He described the potential buyer as having "great adventurous spirit."
