Hong Kong announces the Long-term Housing Plan for Hong Fu Court, with purchase prices of HKD 8,000 and HKD 10,500 per square foot respectively

Opinion Network News: On February 21, the Hong Kong SAR Government announced the long-term residential arrangement plan for Hong Fuk Court in Tai Po, which includes cash purchase of property rights from owners, “building for building” exchanges, the Home Ownership Scheme (HOS), the Green Form Subsidised Home Ownership Scheme (Green Home Ownership), and units from the Hong Kong Housing Society (HKHS) for owners who have sold their property rights, giving priority to their selection. Additionally, new HOS units will be built on Sung Yiu Road in Tai Po, offering different options so affected owners can choose based on their circumstances and needs, helping them rebuild their homes.

The head of the Emergency Accommodation Arrangement Working Group and Deputy Secretary for the Treasury, Wong Wai-lun, said: “The government’s long-term plan is based on the following principles: to consider the wishes of affected families, balancing emotion, reason, and law, with emotion taking precedence; to provide diverse options so residents have choices; to offer long-term residential arrangements within Tai Po’s original district; and to make good use of public resources. The current plan proposed by the government provides different options, allowing affected households to choose according to their individual needs and preferences, which we believe will better suit and address the situations of different families.”

The independent review team of the Housing Bureau previously conducted inspections of Hong Fuk Court. After assessment, the seven affected buildings (Blocks A-G) in the disaster zone, while not immediately at risk of collapse structurally, have suffered extensive, deep, complex, and long-term impacts on various functions due to high-temperature fires, making reasonable and cost-effective repairs impossible, ultimately requiring complete demolition. This very special situation involves 1,736 units, and currently, there is no effective market mechanism to handle this. Government intervention and the proposal to acquire the property rights of the affected units in Blocks A-G can quickly resolve the long-term housing arrangements for affected families.

Deputy Secretary for the Treasury Wong Wai-lun stated that the government will propose to acquire the property rights of the 1,736 units in the seven affected buildings of Hong Fuk Court, with the purchase price for units not yet compensated and already compensated land price at HKD 8,000 and HKD 10,500 per square foot respectively, about one-third higher than the earlier estimates by the Hong Kong Institute of Surveyors. If all acquisitions are completed, the total cost will be approximately HKD 6.8 billion, with the “Tai Po Hong Fuk Court Assistance Fund” covering HKD 2.8 billion, and about HKD 4 billion to be funded by public funds.

Wong Wai-lun also mentioned that the seven affected buildings in Hong Fuk Court will be demolished, and the government will not rebuild residential units on the original site but plans to develop parks or community facilities instead.

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