Over 90pc consensus on Wang Fuk Court acquisition, yet "Noise" still attempts to obstruct owners' decisions; whether Wang Chi House will be acquired unveils in Oct

Following the devastating fire that severely damaged Wang Fuk Court in Tai Po, the government immediately introduced a long-term housing arrangement scheme for residents, proposing to acquire the property rights of all eight blocks in the court at a price 30 percent higher than the market value prior to the fire.

Chief Executive John Lee Ka-chiu revealed earlier that owners who have signed the "Letter of Acceptance" account for 92 percent of the total, while those who have completed the signing of the "Formal Agreement for Sale and Purchase" account for 66 percent. 

Currently, only Wang Chi House (Block H), which was not directly affected by the fire, remains. It must reach the threshold of 75 percent of owners signing the formal "Agreement for Sale and Purchase" by October 15 for the acquisition to proceed.

Although most owners of Wang Chi House hope to be included in the acquisition, a political figure stated that there is still "noise" in the community coming from people with ulterior motives who constantly confuse the public in an attempt to disrupt owners' decisions. 

In fact, as early as the end of June, over 80 percent of Wang Chi House owners were willing to accept the acquisition; as long as they implement their decisions, the entire building can be included in the government's acquisition plan.

Chief Executive John Lee Ka-chiu revealed on August 9, after conducting district consultations for the Five-Year Plan and the 2026 Policy Address, that the proportion of Wang Fuk Court's eight blocks that have signed the "Letter of Acceptance" has reached 91.9 percent, and those that have signed the "Formal Agreement for Sale and Purchase" stand at 65.7 percent. 

This reflects that the vast majority of owners hope to resolve their long-term housing issues as quickly as possible through the government's scheme. It is expected that these owners will complete the transfer of deeds and obtain cash or "flat-for-flat exchange vouchers" within two to three months.

As for Wang Chi House (Block H), since it was not directly affected by the fire, the government, based on the principle of respecting private property, has specified that the acquisition will only proceed if there is a "high degree of consensus" among the owners of Wang Chi House. 

Figures show that in the first consultation in April, 77.8 percent of Wang Chi House owners hoped to be included in the acquisition plan, and the proportion of those who signed the "Letter of Acceptance" in July further rose to 89.1 percent. 

However, whether it will ultimately be formally included in the acquisition plan depends on whether the condition of "75 percent" of owners signing the "Agreement for Sale and Purchase" is met by October 15; otherwise, the government has the right to decide not to proceed with the acquisition.

The situation faced by the owners of Wang Chi House is quite complex. The building is over 40 years old. If it eventually fails to reach the acquisition threshold and becomes a "single-block building," it will have to independently handle issues such as amendments to the deed of mutual covenant, maintenance of common areas, and upkeep of water, electricity, and LPG pipes in the future. 

In addition, a real estate industry insider pointed out that after the fire, units in Wang Fuk Court have become "stigmatized properties" (haunted houses), making them difficult to transact in the open market, and some valuation websites have already listed relevant units as "not applicable." 

On a psychological level, experts have pointed out that continuing to live at the site of a major disaster after experiencing it may cause long-term psychological pressure on residents, particularly affecting the elderly and children.

A political figure stated that at this critical juncture, some ill-intentioned people in the community are still constantly spreading rumors or advocating unreasonable demands, attempting to shake the owners' decision to return to normalcy. 

"This 'noise' falsely claims that the acquiring institution is a 'shell company,' or that the 'Deed of Undertaking and Indemnity' attached to the 'Agreement for Sale and Purchase' implies 'unlimited' legal liability, among other claims. 

However, all of these have been debunked one by one by the Housing Bureau and multiple legal experts, proving them to be entirely fabricated." 

Furthermore, there are rumors claiming that the HK$2 billion insurance money purchased by the owners' corporation should be directly compensated to the residents. 

This has also been clarified by the insurance sector; according to the terms, the insurance money can only be used for reinstatement works and is not used to compensate for personal property losses.

This publication also once exposed that some residents "tell others to back out while rushing forward themselves," inciting people not to accept the acquisition in order to increase their own chances of drawing their preferred units. 

Previously, some people also instructed residents to insist on "re-building on the original site" and adopt "refusal to negotiate" delay strategies as bargaining chips, thereby forcing the government to improve the acquisition terms.

The Deputy Financial Secretary, Michael Wong Wai-lun, clearly pointed out in the Legislative Council earlier that the acquisition price proposed by the government is already 30 percent higher than the pre-disaster market price, which fully takes into account the practical difficulties and needs of the affected families. 

Planner and Legislative Councillor Andrew Lam Siu-lo pointed out that if the government uses public power to resume the remaining property rights in the future, the Lands Tribunal may make compensation based on the open market price at that time (i.e., the market price after the fire), which would be significantly lower than the current level. 

An industry insider noted that based on the current government acquisition price of HK$3 million to HK$5 million, the compensation amount could shrink by nearly HK$1 million. 

From this, it can be seen that attempting to use "delay strategies" to gain negotiation leverage is indeed short-sighted, and in the end, the losses will outweigh the gains, leaving oneself in an even more disadvantageous position.

Government's optimization measures reflect "compassion, reason, and law."

To fully support the residents of Wang Fuk, the government, adhering to the principle of giving equal weight to "compassion, reason, and law," has adjusted and optimized measures multiple times. 

The number of units available for selection under the "Special Sales Exercise" has greatly increased from the initial 3,900 to 4,443. Compared to the 1,984 affected families in Wang Fuk Court, each household has about two to three units to choose from. 

The authorities have even broken precedent by allowing owners who have chosen "flat-for-flat exchange vouchers" to change to the cash option, providing greater flexibility.

Regarding rent subsidies, the "Support Fund for Wang Fuk Court in Tai Po" has also been changed to uniformly distribute a rent subsidy of HK$150,000 per unit per year for a period of two years.

For owners who choose to participate in the "Special Sales Exercise" and whose unit intake date is two years later (i.e., December 2027), the subsidy will continue to be distributed until they move in.

The political figure stated that the long-term housing arrangements for Wang Fuk Court have now entered a decisive phase. "In fact, as early as the end of June, over 80 percent of Wang Chi House owners were willing to accept the acquisition; as long as they implement their decisions, the entire building can be included in the government's acquisition plan. For the minority of owners who have not yet declared their stance, they must make a decision before October 15. The government's 'explanation team' also continues to communicate with owners, answering doubts through a dedicated hotline."

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗧𝗵𝗲 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗽𝗽 ↓