Hong Kong rules out Wang Fuk Court buy-back extension as 100 owners hesitate

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Deputy Financial Secretary Michael Wong Wai-lun announced that the government would not extend the August 31 deadline for a buy-back offer extended to homeowners of the fire-ravaged Wang Fuk Court in Hong Kong. Approximately 100 owners, representing 5% of the total, had not yet accepted the offer, which followed a December fire that killed 168 people and displaced 5,000 residents. Wong stated that the government would not provide better terms or higher prices, noting that those who missed the deadline would face a statutory acquisition process next year.

Consequences

Homeowners who do not accept the offer by the deadline face the prospect of lower compensation, as future statutory acquisitions will be based on the property's market value post-fire rather than the current buy-back rates. This shift could result in a significant financial loss for the remaining owners who decline the government's current purchase terms.

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