Over $127m maintenance fund to be refunded to Wang Fuk Court homeowners

Hop On Management, the appointed administrator of Wang Fuk Court after the tragic fire, held its first online briefing for homeowners on Tuesday evening to announce details of maintenance fund refunds. The company revealed that after deducting construction expenses and outstanding payments from some homeowners, more than HK$127 million will be available for refund to residents.

The virtual meeting was structured in two parts. The first segment featured a financial report from the Wang Fuk Court Owners' Corporation, detailed the refund process, and included a Q&A session. The second segment focused specifically on Wang Chi House, also followed by questions from homeowners. According to attendees, the briefing proceeded smoothly without technical issues.

Hop On explained that the maintenance fund had already disbursed 15 installments to construction contractors prior to the tragic fire. After settling payments to contractors, engineering consultants, and security staff, the fund currently has a balance of about HK$105 million. With performance bonds included, the total sum available for refund is approximately HK$127 million. However, over 100 homeowners still owe outstanding maintenance fees totaling roughly HK$12.36 million.

Homeowners who have paid at least six installments are expected to receive refunds ranging from HK$80,000 to HK$100,000, with checks scheduled for issuance as soon as early June.

Some residents expressed concerns about the timing of the owners' meeting. Hop On Management clarified that the briefing does not replace the official meeting and that a new date will be set once disputes over authorized voting rights are resolved. The company said it is currently seeking legal advice to ensure the rights of homeowners are properly protected and promised to arrange an owners' meeting in the near future.

 

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