Surveyors' Association: The acquisition plan for Hongfu Garden is quicker than rebuilding on the original site, advocating for market price buyout and compassionate subsidies

The emergency accommodation arrangement working group, led by the Deputy Secretary for Financial Services and the Treasury, earlier collected the initial intentions of the owners of Wangfuyuan in Tai Po. Chief Executive John Lee stated yesterday (10th) that preliminary observations show that the vast majority of owners hope the government will expedite long-term accommodation arrangements, with a considerable proportion of owners indicating they would consider accepting the government's offer to purchase their property rights. Some owners also mentioned they need to consider the actual purchase price.

The Hong Kong Institute of Surveyors held a media tea gathering yesterday, where Chairman Wong Wai-ming responded that the institute had previously proposed similar suggestions, noting that the relevant plans are quicker than rebuilding on the original site. He stated that the Wangfuyuan site is subject to land lease regulations, and if reconstruction or partial reconstruction is needed, it must be executed according to the lease, building a structure of similar value or standards; alternatively, reconstruction must be applied for by the owners of Wangfuyuan according to the model approved by the Lands Department. However, achieving consensus among all owners is quite difficult.

Wong Wai-ming also pointed out that he understands some residents wish to seek compensation, but the incident involves many individuals and stakeholders, and he estimates that the process of seeking compensation will be quite lengthy. If the government acquires all property rights, the retrospective rights will be transferred to the government, which he believes would be more feasible.

Regarding the purchase price, Wong Wai-ming believes that the government's land acquisition price is not based on market value but rather on a compassionate price, hoping to reduce disputes. He suggested considering providing compassionate subsidies to residents, but since it involves public funds, the amount can be reconsidered.

The institute established a "Building Repair Working Group" consisting of representatives from six professional groups after the Tai Po fire to review market operations, regulations, and laws, proposing specific optimization suggestions to improve the overall market ecology. Wong Wai-ming stated that the working group will collect market data, analyze media reports, and invite representatives from owners, property management, contractors, and district councils to sort out long-standing market issues, difficulties faced by owners, and opinions from various sectors. The working group aims to complete its research and review within four months, hoping to finish the analysis by May and submit a summary of recommendations to society and the government in June