Hong Kong to buy homes damaged in deadly high-rise fire

Hong Kong proposes about HK$4 billion to buy out owners of homes at the Wang Fuk Court complex, damaged in a November fire that killed more than 160, and has offered an apartment exchange programme for affected tenants.

Hong Kong authorities announced a proposal to buy homes in a high-rise complex damaged by a November fire that killed more than 160 people. Officials said the measures aim to help affected residents relocate and secure long-term housing. The plan combines direct buyouts with an apartment exchange programme for tenants of Wang Fuk Court. Officials discussed price levels and overall cost estimates at a media briefing. Key details: - Officials reported the November high-rise fire killed more than 160 people. - The government proposed about HK$4 billion to buy out owners at Wang Fuk Court, offering HK$8,000 per sq. ft. without a land premium and HK$10,500 per sq. ft. for those receiving a land premium payment. - An apartment exchange programme was offered for about 4,600 tenants from nearly 2,000 housing units. - Total outlay was estimated at HK$6.8 billion, reduced by a HK$2.8 billion relief fund contribution and potentially lowered further by insurance compensation. Summary: The proposal would provide buyouts and housing options for residents affected by the November fire and includes specific price offers and cost estimates. Undetermined at this time.