Budget speech to unveil funding plan for HK$6.8b Wang Fuk Court buyouts, Hong Kong official says

2026-02-24 - 07:25

Hong Kong Financial Secretary Paul Chan will unveil funding details for the proposed HK$6.8 billion buyouts of the fire-ravaged Wang Fuk Court flats during his annual Budget speech on Wednesday, his deputy has said. The residential estate Wang Fuk Court overlooking Tolo Harbour on January 30, 2026. Photo: Kyle Lam/HKFP. Deputy Financial Secretary Michael Wong told a radio programme on Tuesday that authorities aimed to pay flat owners accepting the buyout offer in the third quarter of this year. A temporary contract for the buyouts could be ready for signing in May or June, said Wong, who also chairs a government task force on emergency accommodation arrangements for Wang Fuk Court residents. Further details will be announced in Chan’s speech on Wednesday, he added. A deadly fire broke out at Wang Fuk Court, a housing estate in Tai Po, in late November, killing 168 people and displacing thousands of residents. The government announced on Saturday that it would spend up to HK$6.8 billion to buy property titles from flat owners of the seven buildings engulfed by the fire. Wang Chi House – the only building not affected by the fire – is excluded from the offer. It rejected calls from some residents to rebuild the housing complex at its current location, citing the lengthy time required. Instead, the seven buildings would be torn down to make way for a park or community facilities. Wong said on Tuesday that the government would respect flat owners who reject the offer and would study other long-term resettlement options for them. Hong Kong Deputy Financial Secretary Michael Wong. File photo: Kyle Lam/HKFP. But Wong acknowledged there were no effective mechanisms to handle their properties and that the government may have to explore legal means in the future. “If they change their minds and want to sell their flats, there are no effective market mechanisms, while the government’s offer cannot wait indefinitely,” Wong said in Cantonese. Wong also said authorities were “eager to discuss” options with Wang Chi House flat owners if more than half of them wished to be included in the buyout. “If many Wang Chi House flat owners eventually decide that they want to return to their flats, then [the government] will respect that, and this building will likely remain in the future,” he said. Wong said the situation was “unique” and there would not be a “deadline” for Wang Chi House flat owners to make a decision, adding that a government team would contact and liaise with them. Wang Fuk Court in Tai Po, pictured on November 28, 2025, in the aftermath of the fatal blaze. Photo: Kyle Lam/HKFP. Secretary for Home and Youth Affairs Alice Mak said on Monday that it may take another “three to four months” before Wang Chi House residents can return home, citing maintenance and complex legal issues. The government said its buyout offer was based on a previous survey of Wang Fuk Court residents’ preferences among nine different resettlement options. The Tai Po housing complex was home to more than 4,600 residents, according to 2021 census data. Only nine per cent of flat owners surveyed insisted on redevelopment on the same site as the only option, Wong said during a press conference on Saturday. In January, more than 1,100 Wang Fuk Court flat owners petitioned the Legislative Council and China’s Liaison Office to rebuild the housing estate on the same site.