The Government today announced that if 75% or more of the owners of Wang Chi House, at Wang Fuk Court in Tai Po, confirm their intention to sell their titles to the Government on or before June 30, the long-term housing plan already in place for the rest of the estate will also apply to Wang Chi House.

Deputy Financial Secretary Michael Wong said the move comes in response to a strong consensus among Wang Chi House owners regarding the desirability of joining the plan.

He highlighted that the Housing Bureau’s Engagement Team has successfully contacted 99% of Wang Chi House owners, with around 77% indicating their wish to join the plan and sell their titles.

The Government proposes to acquire Wang Chi House units by extending the acquisition plan already offered to the estate’s other seven blocks. The acquisition price under the plan is $8,000 per sq ft for flats with premiums unpaid, and $10,500 per sq ft for flats with premiums paid.

Wang Chi House owners in favour of accepting the acquisition plan must sign a Letter of Acceptance to formally confirm their intention to accept the Government’s acquisition offer.

If 75% of Wang Chi House owners, of more, sign Letters of Acceptance on or before June 30, confirming their intention to sell, the long-term housing plan will be formally extended to Wang Chi House. Otherwise, the plan will not cover Wang Chi House.

Wang Chi House owners who sign the Letter of Acceptance on or before June 30 will enjoy first-round priority in flat selection when purchasing new subsidised sale flats under the Special Sales Exercise for Wang Fuk Court.

Those who do not sign by June 30 but later decide to sell must sign Letters of Acceptance on or before August 31.

The Government will arrange for Wang Chi House owners who accept the Government's acquisition to sign the Agreement for Sale and Purchase on or before October 15.

The Government will include a clause stipulating that if fewer than three-quarters of owners ultimately sign this agreement, the Government reserves the right to discontinue the acquisition.

Mr Wong said the estimated total acquisition cost for Wang Chi House is about $1 billion. The Government will seek approval for the additional funding from the Legislative Council Finance Committee in due course.

The Housing Bureau’s Engagement Team will approach Wang Chi House owners from tomorrow to clearly explain the details of the long-term housing plan and address their questions.