LegCo Finance cmt approves additional $1bn for Wang Fuk Court buyback

The Legislative Council's Finance Committee approves an additional 1 billion dollars for the government's long-term rehousing plan for Wang Fuk Court, bringing the total funding to 5 billion dollars.

The additional allocation will support the government's proposal to acquire ownership of all eight residential blocks in the estate, including Wang Chi House.

Speaking at the committee meeting, Deputy Financial Secretary Michael Wong says as of Thursday, 1,786 households or more than 90% of all households had signed and returned letters accepting the government's acquisition offer.

As of Friday, 769 households had also signed formal sale and purchase agreements.

The government has already disbursed compensation to more than ten owners, with most receiving payments of around 3 million dollars.

Cases involving the "flat-for-flat" rehousing option are expected to take longer to process.