Hong Kong authorities announced a plan to spend approximately HK$4 billion (US$512 million) to acquire homes in a high-rise complex devastated by a deadly fire. The blaze, which occurred in November, claimed over 160 lives.
Officials stated that prices will range from HK$8,000 to HK$10,500 per square foot, depending on land premium payments. The government believes these offers will enable residents to secure new, long-term housing.
An apartment exchange program is also available for the 4,600 tenants who resided in the nearly 2,000 units at the Wang Fuk Court complex. The total government outlay is estimated at HK$6.8 billion, with potential reductions from a relief fund and insurance payouts.