Hong Kong Government Proposes Flexible Buyout Terms For Tai Po Buildings

Approximately 75 percent of Wong Chi-kwok property owners have signed acceptance letters for the government's proposed buyout scheme. Wong Wai-lun announced that 99 percent of Wong Chi Kok estate owners have been contacted. The Hong Kong Housing Authority reported that its investigation team has contacted 99% of owners in the Wang Chi Kwok development. This follows a deadly fire at the block last November. Officials are asking homeowners to accept a buyout offer to join a long-term resettlement arrangement. Wong stated the government will use legislative processes if owners refuse the offer. Deputy Financial Secretary Wang Wai-lun stated that a 75 percent owner consensus is appropriate for the property buyout of buildings affected by a fire in Tai Po. The government will not force owners to sell or use legislation to seize units that refuse the arrangement. If at least 75 percent of owners confirm the sale to the government before the end of June, the government will extend the compensation scheme used for residents of the seven other affected buildings to these owners. Wang noted that while the 75 percent threshold is suitable, the government may handle specific cases with flexibility if the consensus is slightly below the requirement.