Hong Kong's $512 Million Housing Aid After Deadly Fire

Hong Kong plans to allocate approximately HK$4 billion to acquire homes from residents of a high-rise complex affected by a deadly fire, offering a tiered buyout price per square foot. While most residents consider accepting, government emphasizes mutually beneficial relocation options amidst property challenges.

Hong Kong has announced an initiative of HK$4 billion to buy homes from owners in the high-rise housing complex impacted by a devastating fire. This move aims to resettle nearly 2,000 displaced households, offering prices of HK$8,000 or HK$10,500 per square foot depending on land premium considerations.

Residents in the Tai Po district, especially those from Wang Fuk Court, are in search of new housing. Deputy Financial Secretary Wong Wai-lun reassured that the buyout package offers adequate opportunity for relocation, though emphasized selling is voluntary.

The plan's total cost is estimated at HK$6.8 billion but may decrease after relief fund contributions and insurance claims. Despite 74% of residents open to selling, achieving consensus remains challenging. The government, planning community facilities on the site, has also launched a housing exchange program, offering 3,900 alternatives across subsidized projects.