Govt sets $8,000–10,500 per sq ft buyback for seven Wang Fuk Court blocks, totaling $6.8b

The government announced on Saturday that it will acquire ownership of seven fire-damaged blocks at Tai Po’s Wang Fuk Court at HK$8,000 per square foot for Premium Not Yet Paid units and HK$10,500 for Premium Paid ones, costing HK$6.8 billion with HK$4 billion from public funds.

Deputy Financial Secretary Wong Wai-lun said the prices aim to help affected residents secure long-term housing after severe hardship from the unprecedented fire. 

He stressed careful use of public money and viewed the case as exceptional, unlikely to set a precedent.

For example, using a future project at Tai Po Chung Nga Road West (expected 2029 completion, around HK$7,000 per square foot), a 400+ square foot unit buyback could yield over HK$400,000 extra to cover relocation or renovation.

About 200 mortgaged units exist; accepting owners can repay loans with proceeds. 

For flat-for-flat options, the Hong Kong Monetary Authority has secured banks’ agreement to transfer mortgages to new Home Ownership Scheme units.

Wong added that the Legislative Council's Housing Panel will hold a special meeting on Monday to discuss the arrangements.

Secretary for Housing Winnie Ho Wing-yin said a 100-member task force from various departments will start contacting owners in early March to explain and answer queries until transactions are complete.