Hong Kong plans to buy homes devastated in deadly high-rise fire
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A Social Welfare Department survey in January showed that 74 per cent of Wang Fuk Court owners would consider accepting the buyout of their property rights, while 9 per cent would accept only on-site redevelopment.
PHOTO: REUTERS
HONG KONG – Hong Kong is proposing to spend about HK$4 billion (S$650 million) to buy out the owners of homes in a high-rise housing complex ravaged by a massive fire to resettle nearly 2,000 affected households.
The prices offered will be HK$8,000 per sq ft without a land premium payment and HK$10,500 per sq ft for those receiving such a payment, the authorities said on Feb 21, three months after the deadly fire killed 168
“We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing,” said Hong Kong’s deputy financial secretary Wong Wai-lu, who added that it is not “mandatory” to sell the property to the government.
The total costs, estimated at HK$6.8 billion, will drop by HK$2.8 billion after a contribution from a relief fund, and could go lower still after insurance compensation is factored in, the officials said.
‘Impossible’ to satisfy everyone
A Social Welfare Department survey in January showed that 74 per cent of Wang Fuk Court owners would consider accepting the buyout of their property rights, while 9 per cent would accept only on-site redevelopment, officials in the Asian financial hub said at a media briefing.
“It is just that in formulating the government’s package, it is impossible to satisfy the wishes of everyone,” Mr Wong said.
The government ruled out the possibility of using the original site for future residential purposes but is considering building community facilities such as a park on the site, and also offered an apartment exchange programme for the 4,600 affected tenants, who lived in nearly 2,000 housing units at the complex.
Hong Kong’s Housing Bureau has rolled out a scheme offering 3,900 housing units across 10 subsidised housing projects for such an exchange, Secretary for Housing Winnie Ho said.
An affected resident surnamed Cheung said he is inclined to accept the flat exchange plan because it will be harder to secure a home with cash, as property prices have since risen in the Tai Po area.
As soon as May or June, the owners who are prepared to accept the arrangement will be able to sign provisional agreements with the government, according to Mr Wong, with the first payment from the government to be delivered in the third quarter of 2026. REUTERS
