Hong Kong plans to buy homes devastated in deadly high-rise fire
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
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.
Keep updated, follow The Business Standard's Google news channel
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 is factored in, the officials said.
