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 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 exceptional nature; this one-off arrangement will not serve as a precedent,” Wong said.“We believe the acquisition price is sufficient for the affected households to relocate and secure long-term housing.”Wong added that the Wang Fuk Court 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.