Hong Kong to buy homes destroyed in deadly high-rise fire
Hong Kong plans to spend about HK$4 billion ($512 million) to buy out owners of apartments in the Wang Fuk Court housing complex, devastated by a fire last November that killed over 160 people, authorities said Saturday.
Officials said buyout prices will be HK$8,000 per sq. ft. without a land premium, and HK$10,500 per sq. ft. for those receiving a land premium. The government aims to help residents relocate and secure long-term housing, News.Az reports, citing Reuters.
Deputy Financial Secretary Wong Wai-lun emphasized, "We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing."
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In addition, an apartment exchange program will be available for the 4,600 tenants living in nearly 2,000 units. The total cost, estimated at HK$6.8 billion, will be reduced by HK$2.8 billion from a relief fund and could decrease further with insurance compensation.
By Aysel Mammadzada
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