Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats
Deputy financial secretary says government offering HK$8,000 or HK$10,500 per square foot and will draw HK$4 billion from public funds
Deputy Financial Secretary Michael Wong Wai-lun unveiled the plan on Saturday, ruling out on-site redevelopment of Wang Fuk Court and adding that authorities were inclined to demolish seven of the estate’s eight buildings and redevelop the site as parks or other social facilities.
Wong said the cash buyout and “flat-for-flat” exchanges would provide the fastest and most flexible solution, while authorities would handle post-acquisition matters at Wang Fuk Court, including legal and insurance issues.
“The Wang Fuk Court fire is a special case of an exceptional nature. This one-off arrangement will not serve as a precedent,” he said.
Wong added that the Tai Po fire was unprecedented, noting that displaced residents had suffered significant losses and faced immense challenges in their daily lives, warranting understanding and support from society.
He also stressed the need to buy back the flats, saying no effective market mechanism could address the challenges or help the affected households.
“Without strong government intervention, flat owners would find it extremely difficult to secure buyers for their homes, and the money they invested over the years could go up in smoke,” the deputy financial secretary said.