Hong Kong proposes to spend about HK$4 billion ($512 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, authorities said on Saturday (February 21), three months after the deadly fire killed 168 in November.
Residents of Wang Fuk Court in Hong Kong’s northern Tai Po district have been scrambling to find a new place to live.
“We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing,” said Wong Wai-lun, Hong Kong’s deputy financial secretary, who added selling the property to the government is not “mandatory”.
The total outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion after a contribution from a relief fund and could be lower still after insurance compensation is factored in, the officials said.
