Hong Kong Says No Extension for Fire Victims' Home Buyback — 100 Owners Hesitate
If they wait, they get thousands less for their destroyed flats.
A deadly fire ripped through Wang Fuk Court in Tai Po last December, killing 168 people and displacing about 5,000 residents. The government offered to buy back flats at HK$8,000 to HK$10,500 per square foot, but about 100 owners (5% of the estate's homeowners) have not accepted the deal. The deadline is August 31, and the government says it won't budge.
Deputy Financial Secretary Michael Wong made it clear: the timeline is serious, and there will be no extension and no better terms. He warned that if owners refuse the offer, the government can start legal proceedings next year to acquire the flats. Under that statutory process, compensation would be based on the property's market value after the fire — which would be substantially lower than the current offer.
The current offer is meant to help victims recover and move on. After selling, owners can use the money to buy anywhere on the open market or join a special scheme to get a new subsidized flat. But hesitation could have real financial consequences. Wong urged owners to act within the next eight days.
For the 100 undecided owners, this is a high-stakes choice about their family's future. The government's message is blunt: take the deal now, or risk getting far less later. Time is running out.
- Deadline for accepting the buy-back offer is August 31 and will not be extended.
- About 100 owners (5% of homes) haven't accepted; waiting could mean much lower compensation under legal seizure.
- Current offer is HK$8,000 to HK$10,500 per square foot — later payments would be based on post-fire value.
Why It Matters
Thousands of displaced residents' financial futures hang on a deadline; delaying could cost them tens of thousands of dollars.