100 Homeowners in Fire-Ravaged Hong Kong Estate Reject Government Buy-Back Offer with Days to Deadline

About 100 homeowners at fire-ravaged Wang Fuk Court in Hong Kong have yet to accept the government’s buy-back offer that expires next week, Deputy Financial Secretary Michael Wong Wai-lun has said, stressing that the sign-up period will not be extended.

“The deadline is a very serious timeline … it will not be extended, nor will better terms and a higher acquisition price suddenly be offered,” Wong told a radio programme on Sunday.

“I hope [the homeowners] will understand and take the appropriate action within the remaining eight days.”

He emphasised that given the government could later turn to legal means to acquire any remaining flats, the compensation offered under statutory requirements would be substantially lower.

“Under the statutory mechanism, compensation is based on the market value at the time of acquisition. That would mean the value after the fire … which is substantially lower than the government’s offer of HK$8,000 or HK$10,500 [US$1,020 or US$1,340] per square foot,” he said.

The hold-outs, accounting for 5 per cent of all homeowners at the estate, have until August 31 to submit acceptance letters. After selling their homes and receiving compensation, they can either buy a property on the open market or join a special sales programme to acquire a new subsidised flat, using cash or a flat-for-flat arrangement.