Hong Kong’s government has unveiled a comprehensive HK$6.8 billion (US$870 million) acquisition scheme for property owners affected by last November’s catastrophic high-rise fire at Wang Fuk Court in northern Hong Kong. The blaze, which claimed 168 lives and displaced thousands of residents, inflicted what officials describe as ‘irreversible’ structural damage to seven of the complex’s eight towers.
Deputy Financial Secretary Michael Wong announced the decision on Saturday, explaining that the government would offer compensation ranging from US$441,000 to US$650,000 per unit based on apartment size. The initiative will extend to approximately 1,700 property owners who lost their homes in one of Hong Kong’s deadliest residential fires.
Contrary to some residents’ hopes for reconstruction, authorities determined that rebuilding the devastated complex would require at least nine years. Instead, the site will be redeveloped as public green space or community facilities. Wong characterized the tragedy as ‘a special case of an exceptional nature’ that justified unprecedented government intervention to prevent the damaged properties from becoming completely worthless.
The funding package will draw approximately US$510 million from public coffers, with the remainder sourced from a dedicated relief fund. Survey data presented by officials indicated only 9% of affected owners insisted on redevelopment as their sole acceptable solution.