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Published by Global Banking & Finance Review®
Posted on February 21, 2026
Last updated: February 21, 2026
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Hong Kong will acquire homes at fire‑hit Wang Fuk Court, offering HK$8,000–10,500 per sq ft or flat‑for‑flat swaps. The HK$6.8b plan, backed by a HK$2.8b relief fund, aims to rehouse 4,600 residents after November’s deadly blaze.
HONG KONG, Feb 21 (Reuters) – 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 that killed more than 160 in November, authorities said on Saturday.
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, officials in the Asian financial hub told a media briefing.
“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.
The government also offered an apartment exchange programme for the 4,600 affected tenants, who lived in nearly 2,000 housing units at the complex, Wang Fuk Court.
The total outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion from a contribution by a relief fund, and could go lower still after insurance compensation in factored in, the officials said.
($1=7.8148 Hong Kong dollars)
(Reporting by Jessie Pang, Selena Li and Clare Jim in Hong Kong; Editing by Clarence Fernandez)
Hong Kong’s government plans a Wang Fuk Court buyout after a deadly November fire, offering HK$8,000–10,500 per sq ft or flat‑for‑flat exchanges to rehouse affected residents.
The total outlay is estimated at HK$6.8 billion, with HK$2.8 billion coming from a relief fund. Insurance recoveries could further reduce the final government burden.
Roughly 4,600 residents from nearly 2,000 units at Wang Fuk Court are eligible. They can choose a cash buyout priced by land‑premium status or a flat‑for‑flat exchange.
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