Hong Kong Tai Po Hong Fu Yuan Block 7 total purchase price approximately HKD 6.8 billion

Opinion Web Hong Kong Report: On February 23, the Hong Kong government announced the long-term resettlement plan for Hong Fu Court, acquiring the property rights of seven buildings with a total purchase price of approximately HKD 6.8 billion, with the government needing a subsidy of HKD 4 billion. Deputy Financial Secretary Wong Wai-lun stated that the government has the capacity to handle this; the total government expenditure is about HKD 800 billion per year, and HKD 4 billion is still affordable, and this is a one-time expense, not an annual recurring cost.

Wong Wai-lun said that this approach is highly exceptional and will not set a precedent. Additionally, they must genuinely help the residents. For example, referencing Song Ya Road West, where future public housing units will be built, the selling price is about HKD 6,890 per square foot. For units purchased without land premium, the price is HKD 8,000 per square foot. After deducting, there is a surplus of about HKD 1,000 per square foot, roughly HKD 400,000, which is intended to assist with future renovations and resets, making it a reasonable approach.

Regarding concerns from Hong Fu Court disaster victims that the government’s acquisition of property rights might make it difficult for them to pursue civil claims as owners in the future, Wong Wai-lun emphasized that accepting the government’s acquisition of property rights does not mean they will give up the option of future civil claims. Whether to pursue civil claims will depend on the actual circumstances at that time.

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