Rebuilding fire-ravaged Wang Fuk Court ‘not practical’, Hong Kong officials say
Economist urges government to use donation fund to generate investment returns to bridge financial gap for residents waiting for new flats
Hong Kong authorities estimate that acquiring all homes in fire-ravaged Wang Fuk Court in Tai Po will cost about HK$6 billion (US$770 million), with officials saying that rebuilding on the site is “not really very practical”.
The acquisition cost for flats on the housing estate was revealed on Saturday as an economist called on the government to invest funds donated to help residents, to generate returns that could bridge the financial gap for those waiting for new flats.
Deputy Financial Secretary Michael Wong Wai-lun said the estate was expected to be repurposed for community facilities rather than housing, citing overseas examples where sites of similar tragedies were rarely redeveloped for residential use. He stressed that “no one will earn big money” from the land in future.
“At this moment, we feel on-site reconstruction is not really very practical,” he told a radio programme. “You look at some experiences abroad, they wouldn’t do that.”
His remarks followed the release of a government resettlement survey on Friday related to the devastating inferno on November 26, which claimed 161 lives and displaced nearly 5,000 people. The study outlined nine rehousing options for residents, including a “flat-for-flat” exchange or a cash buyout.
Foreign precedents are mixed. The footprints of New York’s World Trade Centre and the site of London’s Grenfell Tower have been preserved or set aside for memorials, while in Florida, the oceanfront site of a collapsed condominium was auctioned for about US$120 million to a developer of ultra‑luxury homes, prompting controversy.