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Hong Kong announces Long-term Residential Arrangement Plan for Hong Fu Court
The Hong Kong SAR Government held a special press conference today (21st) on the long-term residential arrangement for Hong Fu Court. Deputy Financial Secretary Wong Wai-lun stated that the SAR government plans to acquire the property rights of Hong Fu Court owners either with cash or through a building-for-building exchange, which is the fastest solution. The proposed average price per square foot for the acquisition is HKD 8,000 (excluding land premium) and HKD 10,500 (including land premium), with a total acquisition cost of approximately HKD 6.8 billion. After the acquisition is completed, the SAR government plans to demolish and rebuild Block 7 of Hong Fu Court into parks and other facilities. (Voice of the Greater Bay Area)