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

South China Morning PostEN 1 min read 100% complete by Matthew Cheng,Harvey KongFebruary 21, 2026 at 08:46 AM

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Hong Kong will allocate HK$6.8 billion to buy back flats in Wang Fuk Court, Tai Po, which were damaged in a deadly fire. The government is offering HK$8,000 to HK$10,500 per square foot to affected homeowners as part of a resettlement plan. Deputy financial secretary Michael Wong Wai-lun announced the plan, stating that on-site redevelopment is ruled out and authorities intend to demolish seven buildings for parks or social facilities. The government believes the buyout and "flat-for-flat" exchanges are the fastest solution for residents who suffered significant losses. Wong emphasized that this arrangement is a one-off response to an unprecedented event and will not set a precedent.

Key Entities & Roles

Key Player Opposition Context

Michael Wong Wai-lun ×370% Tai Po ×280% Wang Fuk Court ×485% Hong Kong ×290%

Keywords

tai po fire 100% flat buyback 90% resettlement plan 80% housing 70% wang fuk court 70% redevelopment 60% financial compensation 50% public funds 50% property acquisition 40%