Wang Fuk Court residents refuse government buy-back offer

AI-summarized · Neutrality-checked

Approximately 70 homeowners at the fire-ravaged Wang Fuk Court in Tai Po, Hong Kong, refused the government's buy-back offer ahead of the August 31 deadline. While the government proposed payments of HK$8,000 or HK$10,500 per square foot—a rate experts described as generous compared to market values of HK$6,000 to HK$8,000—the remaining 3.5 per cent of residents cited the loss of property and communal bonds as reasons for their refusal. Affected owners were previously offered the option to purchase flats on the open market or participate in a special sales program for subsidized housing.

Consequences

If the remaining residents continue to refuse the buy-back offer, the government will likely proceed with compulsory acquisition. This process is expected to result in a lower payout for the homeowners than the current voluntary offer.

Sources

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