Remarks by DFS at press conference announcing the long-term housing arrangements for Wang Fuk Court in Tai Po
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Reporter: Firstly, the Government said that only nine per cent of residents would not accept any other options than in-situ resettlement. Does the Government believe that this really is the minor opinion, given that there's also 22 per cent that are also open to other options in addition to this in-situ redevelopment, and how will the Government address those who really strongly believe that they want in-situ redevelopment? Will there be any additional convincing? Secondly, the Government's offer to repurchase these flats at $10,500 and $8,000 per square feet, depending on whether land premium is paid - how would you respond to some criticism from residents that the price paid is not enough to get a similar flat under the price being offered by the Government? Could you also talk about the public funds that are involved in the purchase, and what is the Government's assessment on that spending to its fiscal health? And lastly, just asking about Wang Chi House as well - if there are some residents who no longer want to stay in Wang Chi House but are not offered the resettlement option under the current government resettlement programme, what else could they do? Do they have to, as other reporters have suggested, perhaps sell their apartments to other Wang Fuk Court residents? Or what is the option they have available?
Deputy Financial Secretary: Thank you for your three questions. First of all, we do not regard the request for in-situ arrangement as minor. As I explained, it is just that, in formulating the Government's package, it is impossible to satisfy the wish of everyone - I hope you do understand, because we are talking, after all, about over 1 900 different owner-tenants. With regard to in-situ arrangement, first and foremost, the greatest difficulty is the time required. We have explained that it will require at least nine to 10 years before these arrangements can allow the owner-tenants to move back. Actually, at discussions at the Legislative Council (LegCo) earlier, some councillors, especially those with a legal background, have pointed out to us that we might be too optimistic in assuming that all the property rights issues can be resolved within a period of around three years. That is a key consideration why we do not think in-situ arrangement is an appropriate one to offer.
With regard to the amount of money, it is our belief - and also supported by facts - that the amount of money should be adequate for those who are prepared to accept the package to find long-term accommodation that is more or less similar to their previous conditions. One key reference will be Chung Nga Road West. I think Secretary Ho has explained that for that development, which is also in Tai Po, we are talking about a per square foot sale price of a little less than $7,000. If you look at the acquisition price we prepare to offer to flats with unpaid premium, which is the majority of the cases, it is actually more than adequate to cover the acquisition price.
On the use of public money, if you look at the amount of money for the fund (Support Fund for Wang Fuk Court in Tai Po), from society we have raised about $4.4 billion. For the Government to also to add some money to that to make the long-term arrangements possible - having regard to the need for us to have empathy, having regard to the fact that this is an exceptionally special arrangement and one-off arrangement that we do not think will set any precedent, and having regard to what I just said about we need an arrangement that can effectively help the owners of Wang Fuk Court to address their long-term housing needs. We do think that is appropriate. Of course, I think later on, at LegCo, they will consider the proposal; especially they will provide the guard rails for the use of public resources.
Reporter: Please also talk about the timeframe of how this redevelopment or the resettlement option will take place? When could realistically the Government start this demolition procedures, and when can residents officially get the money as well?
Deputy Financial Secretary: Going forward, this is how things will unfold in our plan: At the beginning of March, the members of our "engagement team" will touch base with the owners individually to explain to them the proposal and to ascertain their wish. We hope that by May or June, the owners who are prepared to accept the arrangement will be able to sign provisional agreements with the Government. After that, there will be certain conveyancing procedures they have to follow. We are looking forward to being able to pay the owners the acquisition money in the third quarter of this year. Basically this is the way forward we are looking at.
(Please also refer to the Chinese portion of the remarks.)
Ends/Saturday, February 21, 2026
Issued at HKT 23:10
Issued at HKT 23:10
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