Budget 2026: Government reserves HK$4 billion for Wang Fuk Court’s buyout

Hong Kong government is reserving HK$4 billion this coming year to fund Tai Po’s Wang Fuk Court buyout plan, Financial Secretary Paul Chan Mo-po said Wednesday. 

“The government has provided comprehensive support for those affected from the Tai Po fire. We have just announced the long-term housing arrangements and earmarked HK$4 billion accordingly,” Paul Chan said.

The government has announced a buyout plan on Saturday, with an acquisition price up to HK$10,500 per square foot for the seven blocks of homeowners at Wang Fuk Court.

More than 1,700 apartment units would be covered by the buyout plan which would allow homeowners to repurchase another residence elsewhere as rebuilding on the existing site remains technically impossible. 

The entire plan is expected to cost HK$6.8 billion, with HK$2.8 billion of it being covered by public donations. 

“It’s fine to use taxpayers’ money to help Wang Fuk Court residents”, said Chan Ka-yan, a 56 year-old citizen.

“The government should help because the survivors lost the homes they worked so hard for,” Chan added. 

May Lau, a 40-year-old citizen, said that the buyout price for Wang Fuk Court units is too high. 

“Wang Fuk Court is a 40-year-old building which does not deserve the high acquisition prices,” she said.

Lau said the buyout prices seemed to be inflated to take care of the disaster victims. 

The average square foot price of Wang Fuk Court in eight transactions through Centaline Property, a property agent in 2025 was HK$6,681.

“This is their personal loss,” said Ashley Lam, a 40-year-old citizen.

“Public funds should not be used to solve personal issues,”said Lam, who suggested the sum should be funded by business donations instead. 

The Support Fund for Wang Fuk Court in Tai Po has received about HK$4.5 billion from public donations, which already cover donations from business entities. Of which, by January, around HK$1.2 billion was already spent on exactly what temporary resettlement. 

“The government considered their difficulties since the survivors lost their homes. They deserve our support,” said deputy financial secretary Michael Wong Wai-lun in a Sunday press conference. 

"This solution is a unique approach which will set a precedent for the future. Therefore, after balancing various needs, we believe this is a very prudent way of using public funds," Wong added.