Hong Kong authorities have offered to buy back flats destroyed in the Wang Fuk Court blaze at HK$8,000 or HK$10,500 per square foot, but some residents expressed disappointment over the lack of on-site redevelopment. Deputy Financial Secretary Michael Wong Wai-lun announced the plan, which will cost HK$6.8 billion and rule out rebuilding at the original site. The November fire killed 168 people and displaced about 5,000 residents.
On Saturday, February 21, Hong Kong's government unveiled a long-term resettlement plan for Wang Fuk Court, announced by Deputy Financial Secretary Michael Wong Wai-lun. The plan offers to buy back the flats at HK$8,000 or HK$10,500 per square foot, with a total cost of HK$6.8 billion, including HK$4 billion from public funds. Homeowners can choose cash buyouts or "flat-for-flat" exchanges to purchase new subsidized units from 10 designated projects by the Housing Authority or the Housing Society.
Wong stressed that the fire is a special case of exceptional nature, and this one-off arrangement will not set a precedent. He noted the unprecedented Tai Po fire has caused significant losses to displaced residents, who face immense daily challenges, warranting societal understanding and support. Without strong government intervention, flat owners would struggle to find buyers in the market, risking the loss of their long-term investments. Authorities will handle post-acquisition legal and insurance matters and plan to demolish seven of the estate's eight buildings, redeveloping the site into parks or other social facilities.
Some residents, however, voiced disappointment. A former resident surnamed Ho, who supports rebuilding, told the South China Morning Post that many neighbors were angered by the proposal and felt their views had been ignored. Mark Chong Ho-fung of the Hong Kong Institute of Surveyors described the offer as "generous," but Wong ruled out on-site redevelopment, which could take nine to 10 years.
The inferno engulfed seven of Wang Fuk Court's eight towers last November, killing 168 people and displacing about 5,000 residents.
