Housing Bureau clarifies unfounded allegations online
A spokesman for the Housing Bureau (HB) said today (July 13) that online allegations that the Wang Fuk Court Property Rights Acquisition Limited established by the Government to acquire ownership of Wang Fuk Court in Tai Po is a shell company on the verge of bankruptcy are entirely unfounded. It cannot be ruled out that the allegations are made by individuals with ulterior motives to confuse the public. The Government must set the record straight.
The Housing Bureau, Photo source: reference image
The spokesman stressed that the Wang Fuk Court Property Rights Acquisition Limited has been established by the Government with full Government support. In addition, there is absolutely no risk of a shortfall in funding required for the acquisition of titles of the flats of Wang Fuk Court. Apart from the $2.8 billion provided by the Support Fund for Wang Fuk Court in Tai Po (the Support Fund), $4 billion has been earmarked under the 2026-27 Budget for the acquisition of Blocks A to G of Wang Fuk Court. For the additional acquisition cost for Wang Chi House, which is estimated to be about $1 billion, the Government will seek funding approval from the Finance Committee of the Legislative Council this Friday.
Currently, the Government has been progressively signing formal Agreement for Sale and Purchase with the owners who have submitted the duly signed "Letter of Acceptance".
The spokesman said, "After receiving the 'Letters of Acceptance' returned by the owners and verification of the information therein, the HB will arrange relevant owners to sign the formal Agreement for Sale and Purchase, including those owners from Wang Chi House which are now covered under the long-term housing arrangement plan. As of July 10, the Wang Fuk Court Property Rights Acquisition Limited has already signed the Agreement for Sale and Purchase with over 550 owners of Wang Fuk Court. The Government is sparing no effort in assisting the completion of the assignment procedures as soon as practicable according to individual circumstances. Up to now, the assignment procedures have been completed for two flats and the acquisition amounts have been disbursed to the relevant former owners."
Wang Fuk Court, Photo source: reference image
The HB noted that individual owners have raised queries regarding the Deed of Undertaking and Indemnity (the Deed) in the Appendix to the Agreement for Sale and Purchase and the rental grant arrangement for owners who have sold the title of their properties but are unable to purchase a flat under the Special Sale Exercise.
The spokesman said that the main purpose of the Deed in the Appendix to the Agreement for Sale and Purchase is to require owners to make legally binding declarations and confirmations regarding the title status of their properties before the completion of the transaction, including that the owner is the sole legal and beneficial owner of the property, that the property is free from any third-party interests or rights of occupation, and that the property is not subject to any civil proceedings or claims. This arrangement serves to ensure that the buyer obtains a clean and undisputed title after completion of the transaction. Regarding the indemnity provision in the Deed, should any third party mount a legal challenge against the title status of the buyer after the completion of the transaction based on the existing interests or claims related to the property, the owners shall be liable to indemnify the resulting losses. The applicable circumstances of the provision are that the declarations and confirmation made by the owners in the Deed are untrue or incomplete. It is not directed at any unrelated or newly arisen disputes. The requirements for declarations and indemnities regarding the absence of any third-party interests or rights of occupation in respect of a property are also common in property transactions in general.
On the rental grants, the Government announced in end of December 2025 that the Support Fund will provide owners of each unit in Wang Fuk Court with an annual rental grant of $150,000. The grant will be provided for two years and disbursed on a semi-annual basis, with each payment being $75,000.
For individual owners who have accepted the Government's acquisition offer but cannot purchase a flat under the Special Sale Exercise in the end, they can still receive cash payments from the Government and choose a flat that better suits their needs in the private market. They can also obtain the Green Form status for two years (counting from the date on which the relevant funds are credited to their account) to purchase a subsidised sale flat with premium unpaid in the secondary market. The relevant rental grants will be provided up to the date on which the relevant cash payments are credited to their account. Rental grants received before the credit date need not be refunded, but no further grants will be disbursed thereafter.
If owners have any questions about the acquisition or need any assistance, they may contact their designated Engagement Team member or call the hotline at 2129 8133. The team stands ready to provide appropriate assistance. Owners may also visit the dedicated website for the long-term housing arrangements for Wang Fuk Court (www.hb.gov.hk/wfc) for further details.
Wang Fuk Court, Photo source: reference image
