The Hong Kong Institute of Surveyors has called on the government to introduce dedicated legislation and a new statutory body to fast-track the buy-back of Wang Fuk Court flats after the deadly fire, clearing the way for residents’ resettlement.
Former president of the institute Chiu Kam-kuen, now chairman of its housing policy panel, estimated that the total cost of repurchasing the flats would range from around HK$5 billion to HK$7 billion (US$642 million to US$899 million), depending on the ratio of subsidised to market homes.
“I believe the simplest and quickest method is for the government to designate a statutory body to repurchase the property rights, allowing owners to use the cash to buy a Home Ownership Scheme flat or for other purposes … this buy-back method is the most straightforward,” he told a radio show on Monday.
Advertisement
The proposal comes amid debate over the future of Wang Fuk Court in Tai Po, where a fire on November 26 spread rapidly through seven of the estate’s eight blocks, destroying them and killing 160 people, including a firefighter. Nearly 5,000 residents were displaced.
While some residents of the sole unaffected block have expressed a wish for on-site resettlement, many others remain reluctant to return due to psychological trauma.
Advertisement
Chiu said that the existing acquisition mechanism, based on land resumption ordinances, would be lengthy and complicated by missing owners, inconsistent property statuses – as only some units had their land premiums paid – and complex insurance claims.