The acquisition price for properties damaged in Hong Kong’s deadly Tai Po fire will be “far lower” if homeowners reject the government’s buy-back offer and authorities are forced to use legislation to acquire the remaining properties, a senior official has said.
Deputy Financial Secretary Michael Wong Wai-lun on Sunday dismissed claims that the government was using public funds to cover its responsibility for the Tai Po tragedy, following online criticism that taxpayers’ money was being used to support individual property owners.
The government is expected to spend about HK$6.8 billion (US$870 million) to buy back damaged flats in Wang Fuk Court from owners, offering HK$8,000 or HK$10,500 per square foot. Of that total, HK$2.8 billion will come from a dedicated support fund, with the remaining HK$4 billion drawn from public coffers.
Wong said the proposal was a compassionate arrangement aimed at helping owners purchase a new home, warning that otherwise they might lose their investment without significant government intervention.
“The society should look at it comprehensively,” he said on a radio show.
In a separate television interview, Wong added that the proposal represented an “appropriate use” of public money, stressing that the Wang Fuk Court case was “exceptional” and would not set a precedent.
