Mystery HK man wants to buy fire-ravaged Wang Fuk Court flats at 60% discount, says they're now 'haunted'

Two weeks after the deadly Wang Fuk Court fire in Hong Kong that claimed as many as 160 lives, the city's property market was abuzz with the rumour that a mysterious man has been offering to buy apartments at the residential complex at a knockdown price.

The man apparently did not care about the state of the unit or if anyone had died in them.

His bid has totalled HK$6 million (S$1 million) for five Wang Fuk Court units so far.

That works out to an average of HK$3,000 per sq ft, which is 60 per cent cheaper than the estate's pre-fire value.

The agency that the man approached reportedly expressed dismay and shut down the discussion, deeming it unethical.

Pitch to take units off owners' hands

According to Hong Kong media Sing Tao Headline and The Standard, the man was bespectacled and looked to be in his early 30s.

He was decked in sportswear, carried a backpack and had a "cool and reasonable" demeanour.

He explained to a real estate agency that he wanted to buy the Wang Fuk Court units primarily because the apartment complex was now "haunted", which will result in a fall in their property prices.

The man anticipated that insurance payouts to owners would not be enough to cover the cost of repairs.

He added that lawsuits may soon follow, further delaying the timeline for repairs and making it hard for residents to return their homes to a liveable condition.

He also suggested that the rebuilding might cost less than repairs, and that the owners may have to eventually fork out funds for such effort.

While he acknowledged that the future of Wang Fuk Court was still undecided and that owners may undergo litigation processes, he remained adamant about his offer to buy up units at the apartment complex.

The man also invited interested agencies to reach out to him, despite being turned down by the larger players in the market.

He apparently also offered to pay in cash and bear all the seller's fees.

Offer rubs salt in wounds

The man offered to buy five units for HK$6 million (S$1 million), which averages out to about HK$3,000 (S$499) per sq ft.

This is about 60 per cent below the pre-fire market prices, The Standard reported.

One real estate agent expressed shock, questioning the timing of the offer.

The agency characterised the offer as "unethical" and "rubbing salt in the wounds" of the residents.

He speculated that the buyer must have been wealthy and up to date on the going-ons of Tai Po district, where Wang Fuk Court is located.

The agent was cynical of the buyer's intent, suggesting that he probably wanted to get a good deal on the units now to flip them for a higher selling price after repairs.

The discussion was reportedly shut down by the agent's manager as soon as he learned of it.

One Hong Kong lawyer told local media that fire damages did not affect the owners' property rights and that transactions could proceed even if deeds are missing or damaged.

An investor opined that buying the properties posed significant risks and would require "great adventurous spirit", The Standard wrote.

Top image via tkww.hk