Hong Kong formally issues buy-back offer letters to Wang Fuk Court homeowners

Letters issued confirming an August 31 deadline, with the government pledging expedited payouts for owners opting for cash compensation

Hong Kong authorities have formally issued buy-back offer letters to homeowners at the fire-ravaged Wang Fuk Court in Tai Po, giving them until 31 August to decide whether to accept a government buy-back offer under a long-term resettlement plan.

The letters were sent to all homeowners on Thursday, including those who had previously said they would not sell their flats, the South China Morning Post has learned.

The government has earmarked HK$6.8 billion (US$870 million) to acquire flats damaged in last November’s deadly Tai Po fire, which killed 168 people and displaced nearly 5,000 residents. Buy-back offers are set at HK$8,000 or HK$10,500 per square foot.

A company wholly owned by the Financial Secretary Incorporated, Wang Fuk Court Property Rights Acquisition Limited, has been set up to acquire the estate.

“The government’s acquisition offer provides a range of options, allowing owners to make the most suitable choice based on their own circumstances and needs,” a government spokesman said.

“Upon receipt of the owners’ duly signed ‘letter of acceptance’, the government will make every effort to promptly assist in completing the agreement for sale and purchase and the assignment.”

Authorities pledged to expedite disbursement of funds for owners who opt for cash payment.