HK Announces $870 Million Plan to Buy Back Flats in Tai Po Fire

Bloomberg · Feb 21, 2026 · Collected from RSS

Summary

Hong Kong proposed higher-than-estimated acquisition prices for owners who lost their homes in the Wang Fuk Court blaze last year, in a plan that will cost a total of HK$6.8 billion ($870 million), according to the officials.

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South China Morning Postabout 6 hours ago

Hong Kong official warns of lower payout if Tai Po fire victims reject buy-back plan

The acquisition price for properties damaged in Hong Kong’s deadly Tai Po fire will be “far lower” if homeowners reject the government’s buy-back offer and authorities are forced to use legislation to acquire the remaining properties, a senior official has said. Deputy Financial Secretary Michael Wong Wai-lun on Sunday dismissed claims that the government was using public funds to cover its responsibility for the Tai Po tragedy, following online criticism that taxpayers’ money was being used to...

South China Morning Postabout 24 hours ago

Wang Fuk Court buyback plan disappoints some residents despite ‘generous’ offer

Some homeowners displaced by the deadly Tai Po blaze were disappointed by Hong Kong authorities’ decision to buy back their flats instead of resettling them at the original site, even as the acquisition offer was described by a surveyor as “generous”. Deputy Financial Secretary Michael Wong Wai-lun unveiled the long-term resettlement plan on Saturday, offering options to buy back the flats at HK$8,000 or HK$10,500 (US$1,023 or US$1,343) per square foot. Homeowners could also opt for...

South China Morning Post1 day ago

Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats

Hong Kong authorities will spend about HK$6.8 billion (US$870 million) to buy back homes damaged in the deadly Tai Po fire from flat owners, offering HK$8,000 to HK$10,500 per square foot as part of a long-term resettlement plan involving HK$4 billion in public funds. Deputy financial secretary Michael Wong Wai-lun unveiled the plan on Saturday, ruling out on-site redevelopment of Wang Fuk Court, and saying authorities were inclined to demolish seven of the estate’s eight buildings and redevelop...

South China Morning Post2 days ago

Tai Po fire owners to receive buy-back offer of up to about HK$10,000 per sq ft

Hong Kong authorities are set to unveil a resettlement plan as early as Saturday for owners who lost their homes in the deadly Wang Fuk Court fire, offering buy-back options at higher-than-expected prices, the South China Morning Post has learned. Government sources said on Friday that the acquisition prices for properties without land premiums could be HK$8,000 (US$1,204) per sq ft, while properties with land premiums could exceed HK$10,000 per sq ft. “The government is well aware of the...

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HK Announces $870 Million Plan to Buy Back Flats in Tai Po Fire

Related Articles

Hong Kong official warns of lower payout if Tai Po fire victims reject buy-back plan

Wang Fuk Court buyback plan disappoints some residents despite ‘generous’ offer

Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats

Tai Po fire owners to receive buy-back offer of up to about HK$10,000 per sq ft

Hungary to Block EU Sanctions, Loans Over Druzhba Standoff

Poland’s Azoty Seeks 83% Debt Writedown in Polymer Restructuring

HK Announces $870 Million Plan to Buy Back Flats in Tai Po Fire

Related Articles

Hong Kong official warns of lower payout if Tai Po fire victims reject buy-back plan

Wang Fuk Court buyback plan disappoints some residents despite ‘generous’ offer

Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats

Tai Po fire owners to receive buy-back offer of up to about HK$10,000 per sq ft

Hungary to Block EU Sanctions, Loans Over Druzhba Standoff

Poland’s Azoty Seeks 83% Debt Writedown in Polymer Restructuring

Related Articles

South China Morning Postabout 6 hours ago
Hong Kong official warns of lower payout if Tai Po fire victims reject buy-back plan
The acquisition price for properties damaged in Hong Kong’s deadly Tai Po fire will be “far lower” if homeowners reject the government’s buy-back offer and authorities are forced to use legislation to acquire the remaining properties, a senior official has said. Deputy Financial Secretary Michael Wong Wai-lun on Sunday dismissed claims that the government was using public funds to cover its responsibility for the Tai Po tragedy, following online criticism that taxpayers’ money was being used to...

South China Morning Postabout 24 hours ago
Wang Fuk Court buyback plan disappoints some residents despite ‘generous’ offer
Some homeowners displaced by the deadly Tai Po blaze were disappointed by Hong Kong authorities’ decision to buy back their flats instead of resettling them at the original site, even as the acquisition offer was described by a surveyor as “generous”. Deputy Financial Secretary Michael Wong Wai-lun unveiled the long-term resettlement plan on Saturday, offering options to buy back the flats at HK$8,000 or HK$10,500 (US$1,023 or US$1,343) per square foot. Homeowners could also opt for...

South China Morning Post1 day ago
Hong Kong to spend HK$6.8 billion buying back fire-ravaged Tai Po flats
Hong Kong authorities will spend about HK$6.8 billion (US$870 million) to buy back homes damaged in the deadly Tai Po fire from flat owners, offering HK$8,000 to HK$10,500 per square foot as part of a long-term resettlement plan involving HK$4 billion in public funds. Deputy financial secretary Michael Wong Wai-lun unveiled the plan on Saturday, ruling out on-site redevelopment of Wang Fuk Court, and saying authorities were inclined to demolish seven of the estate’s eight buildings and redevelop...

South China Morning Post2 days ago
Tai Po fire owners to receive buy-back offer of up to about HK$10,000 per sq ft
Hong Kong authorities are set to unveil a resettlement plan as early as Saturday for owners who lost their homes in the deadly Wang Fuk Court fire, offering buy-back options at higher-than-expected prices, the South China Morning Post has learned. Government sources said on Friday that the acquisition prices for properties without land premiums could be HK$8,000 (US$1,204) per sq ft, while properties with land premiums could exceed HK$10,000 per sq ft. “The government is well aware of the...

Bloombergabout 3 hours ago
Hungary to Block EU Sanctions, Loans Over Druzhba Standoff
Hungary plans to block every European Union decision concerning Ukraine, including a new sanctions package against Russia and key loans, until oil starts flowing again through the Druzhba pipeline in western Ukraine.

Bloombergabout 4 hours ago
Poland’s Azoty Seeks 83% Debt Writedown in Polymer Restructuring
Grupa Azoty SA seeks to settle just about 17% of debt taken to build the biggest propylene and polypropylene complex in central and eastern Europe.