A common view of the fire-ravaged residential towers of the Wang Fuk Courtroom condo advanced, within the Tai Po district of Hong Kong, Feb. 6, 2026.
| Picture Credit score: AP
Hong Kong proposes to spend about HK$4 billion ($512 million) to purchase out the homeowners of houses in a high-rise housing advanced ravaged by a large hearth to resettle almost 2,000 affected households.
The costs supplied will probably be HK$8,000 per sq ft with out a land premium fee, and HK$10,500 per sq ft for these receiving such a fee, authorities mentioned on Saturday (February 21), three months after the lethal hearth killed 168 in November.
Residents of Wang Fuk Courtroom in Hong Kong’s northern Tai Po district have been scrambling to discover a new place to dwell.
“We imagine the proposed worth is adequate for the affected residents to relocate and safe long-term housing,” mentioned Wong Wai-lun, Hong Kong’s deputy monetary secretary, who added promoting the property to the federal government is just not “necessary”.
The entire outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion after a contribution from a aid fund and might be decrease nonetheless after insurance coverage compensation is factored in, the officers mentioned.
‘Unimaginable’ to fulfill everybody
A Social Welfare Division survey final month confirmed that 74% of Wang Fuk Courtroom homeowners would contemplate accepting the buyout of their property rights, whereas 9% would solely settle for on-site redevelopment, officers within the Asian monetary hub informed a media briefing.
“It’s simply that in formulating the authorities’s package deal, it’s not possible to fulfill the want of everybody,” Mr. Wong mentioned.
The federal government dominated out the opportunity of utilizing the unique website for future residential functions however is contemplating constructing group amenities resembling a park on the website.
The federal government additionally supplied an condo alternate programme for the 4,600 affected tenants, who lived in almost 2,000 housing items on the advanced.
Hong Kong’s Housing Bureau has rolled out a scheme providing 3,900 housing items throughout 10 subsidised housing initiatives for such an alternate, Secretary for Housing Winnie Ho mentioned.
An affected resident surnamed Cheung informed Reuters he is inclined to simply accept the flat alternate plan as a result of it will likely be tougher to safe a house with money, as property costs have since risen within the Tai Po space.
As quickly as Could or June, the homeowners who’re ready to simply accept the association will have the ability to signal provisional agreements with the federal government, in response to Mr. Wong, with the primary fee from the federal government to be delivered within the third quarter this yr.
Printed – February 22, 2026 03:26 am IST