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 importance of finalising a long-term rehousing plan for the residents as soon as possible. Deputy Financial Secretary Michael Wong Wai-lun will explain it as early as Saturday,” an insider said.Wong chairs a government task force on emergency accommodation arrangements for those affected by the Tai Po blaze.The proposal came three months after the deadly fire killed 168 people at Wang Fuk Court last November. In January, authorities launched a survey to gather the opinions of displaced residents concerning various long-term resettlement options.The insider said only “a small percentage” of owners opted for redevelopment on the original site, hence the likelihood of the government adopting this option remained low.