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HK Govt Proposes Acquisition of Ownership Rights for 7 Blocks at Wang Fuk Court at $8,000 or $10,500/Sq.ft.
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The Hong Kong government laid out a plan to acquire the ownership rights of seven blocks at Wang Fuk Court in Tai Po, which was taken toll by a fire and is influencing more than 1,700 households. The suggested acquisition price is HKD8,000 per square foot for units with unpaid land premium and HKD10,500 for those with paid land premium, which results in a mobilization of an estimated HKD4 billion in public funds. The Wang Chi House, unaffected by the fire, has not been included in the government's acquisition plan. The government set up a “Special Sales Exercise”, offering ten projects including Home Ownership Scheme and Green Form Subsidised Home Ownership Pilot Scheme for owners to choose from. Owners must make a decision by August 31. Deputy Financial Secretary Michael Wong remarked that the acquisition price is noticeably higher than the market price before the fire, believing the plan is favorable to everyone. The seven blocks at Wang Fuk Court will be demolished and will not be rebuilt as residential buildings on the original site, with plans to convert the area into a park or community facilities. AASTOCKS Financial News Website: www.aastocks.com |
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