The Hong Kong government's buyback program for Wang Fuk Court has moved into the execution phase, with more than a quarter of homeowners at the fire-hit estate signing contracts to sell their flats to the state.
As of July 10, over 550 owners had finalized the paperwork, marking a significant step up from the earlier stage where residents merely expressed interest.
The Housing Bureau previously reported receiving 1,698 letters of acceptance from Wang Fuk Court homeowners, representing approximately 85.
Funds have already been disbursed to the homeowners of two units, signaling that the administrative machinery is now processing transactions rather than just collecting applications.
This development follows a strong initial response to the scheme.
The Housing Bureau previously reported receiving 1,698 letters of acceptance from Wang Fuk Court homeowners, representing approximately 85.6% of the flats across the Tai Po estate.
The transition from letters of acceptance to signed sale contracts indicates that the majority of interested parties are proceeding with the government's offer, likely driven by the desire to relocate from the damaged building and the financial certainty provided by the buyback terms.