Hong Kong announces Long-term Housing Arrangements Plan for Wang Fuk House

The Hong Kong SAR Government held a press conference today on the long-term housing arrangement for the residents of the Hung Fuk Estate. Deputy Financial Secretary Edmond Wong Wai-lun stated that the government plans to acquire the ownership rights of the Hung Fuk Estate owners through cash payment or through a property swap, which is the fastest solution. The average price per square foot for the acquisition of ownership rights proposed by the government is 8,000 Hong Kong dollars and 10,500 Hong Kong dollars, with a total acquisition cost of approximately 6.8 billion Hong Kong dollars. After the acquisition of ownership rights is completed, the government plans to demolish and rebuild the 7 affected buildings of the Hung Fuk Estate into a park and other facilities.