The Hong Kong authorities are working to finalize the results of Wang Fuk Court residents’ preference on the government’s acquisition of the fire-ravaged housing estate by the end of August, the city’s leader revealed on Tuesday.

Addressing members of the media ahead of the weekly Executive Council meeting, John Lee Ka-chiu pointed out the summary will include the number of participants, saying that he believes the number will be substantial.

In late February, the special administrative region government announced that it would spend HK$6.8 billion ($870 million) to buy back from owners all the flats destroyed in the Nov 26 devastating fire that claimed 168 people’s lives.

ALSO READ: HK$6.8b for Wang Fuk Court buyback

“Currently, the government is making progress and legal documents are also being prepared to take the proposal forward,” Lee told reporters.

For Wang Chi House, the lone apartment block unaffected by the blaze out of eight, he said the authorities would need to gather their opinions as he noticed most of its flat owners also wanted to participate in the government's acquisition plan.

“We will need to take stock of the entire situation and have the deputy financial secretary's report before deciding how we will proceed.”

Speaking about the arrangements for returning to the flats and retrieving belongings by the first batch of the residents on Monday, he said the procedure went on in an “orderly and smooth” manner.

Stressing that several factors were taken into account, including ensuring safety and order while also being compassionate and meeting the needs of the residents, Lee said the government will keep an eye on the situation and consider further enhancement, if necessary.

ALSO READ: Wang Fuk Court residents return to retrieve belongings

Fuel prices

Asked about measures to mitigate rising fuel prices, the CE said he “dare not have any hope in the change of oil price” as the conflict in the Middle East was fraught with uncertainties, one of which was how long it will last.

He stressed that the government’s interdepartmental task force will continue to monitor the situation.

Lee also reiterated the government’s principles in rolling out relief measures. “First, if prices in a certain industry are currently subject to government approval, that approval mechanism should handle the process.”

Measures should be temporary and time-limited so that that they will not create risks for public finance, he said, adding that the government hoped to reach an agreement with fuel suppliers as soon as possible.

Basketball betting

Regarding the suspension of the introduction of basketball betting, the CE described the fast-growing development of “prediction market” as “worrying”, as the "prediction market" covered various activities, including sports, and involved a lot of speculation that sometimes made use of virtual assets.

Reiterating that the government's established policy aimed to discourage gambling, he said the Home and Youth Affairs Bureau should seriously look at the risks and make sure that they address the risks appropriately before they proceed any further.