The Housing Bureau today dismissed as entirely unfounded online claims that the company established by the Government to acquire ownership of Wang Fuk Court in Tai Po is a shell company on the verge of bankruptcy.

It said the allegations may have been made with intent to confuse the public by individuals with ulterior motives.

The bureau stressed that the Wang Fuk Court Property Rights Acquisition Limited has full government support and that there is absolutely no risk of a shortfall in funding for the acquisition of flats at Wang Fuk Court.

In addition to $2.8 billion provided by the Support Fund for Wang Fuk Court in Tai Po, $4 billion has been earmarked under the 2026-27 Budget for the acquisition of Blocks A to G.

For the additional acquisition of Wang Chi House, which is estimated to cost about $1 billion, the Government will seek funding approval from the Legislative Council’s Finance Committee on Friday.

The Government has been progressively signing formal Agreements for Sale and Purchase with owners who have submitted signed Letters of Acceptance.

The bureau highlighted that as of last Friday, the acquisition company had already signed Agreements for Sale and Purchase with over 550 Wang Fuk Court owners. It said the Government is sparing no effort in expediting the completion of assignment procedures.

It added that such procedures have so far been completed for two flats, with acquisition amounts having been disbursed to the flats' former owners.