The government yesterday (Feb. 21) announced a long-term resettlement arrangement for residents of Tai Po's Wang Fuk Court, offering to acquire property ownership from households in seven of the estate's blocks (excluding Wang Chi House), and making 3,900 units from Housing Authority and Housing Society development projects available for priority selection by affected residents. Speaking on a radio program today (Feb. 22), Deputy Financial Secretary Michael Wong stated that the plan was developed based on several key principles, emphasizing a balanced approach that prioritizes compassion while remaining legally and rationally sound, giving residents "choices" and describing the package as both reasonable and attractive.
The government will offer acquisitions at HK$8,000 per square foot of usable area for owners of units that have not paid land premium, and HK$10,500 per square foot for units where the premium has already been settled. These prices exceed estimates made by the Hong Kong Institute of Surveyors. Wong described this as a "human-centered" approach, prioritizing compassion and demonstrating support for residents. He stressed the need to ensure residents can afford to purchase Home Ownership Scheme flats of a similar size, while also exercising prudent use of public funds. He cited the Chung Nga Road West project in Tai Po, with prices around HK$7,000 per square foot, expressing confidence that residents can afford these units and use any remaining funds for renovation.
Wong also refuted suggestions that the government is using public funds to compensate for its own responsibility in the incident. He noted that the unprecedented scale and profound impact of the Wang Fuk Court fire had rendered market mechanisms ineffective. Without government intervention, residents' investments over many years would have been lost. He called for society to view the matter comprehensively and emphasized that this approach would not set a precedent.
Speaking on the same program, Secretary for Housing Winnie Ho said Wang Fuk Court residents can choose to accept the government's acquisition offer for cash, providing greater flexibility. The authority has also established a special sales scheme offering nearly 4,000 units for residents to choose from. For residents wishing to exchange their flats, the government will provide "flat-for-flat vouchers," allowing them to top up or receive refunds when selecting units under the sales scheme.
(Source: Ta Kung Pao)
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