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

A Hong Kong official warned that homeowners in Tai Po's Wang Fuk Court, damaged by a deadly fire, will receive significantly less money if they reject the government's buy-back offer. The government plans to spend HK$6.8 billion (US$870 million) to acquire the damaged flats, offering HK$8,000 or HK$10,500 per square foot, with funding coming from a support fund and public coffers. Deputy Financial Secretary Michael Wong defended the plan as a compassionate measure to help owners purchase new homes, arguing it is an appropriate use of public funds in an exceptional case. He dismissed criticism that the government was shirking responsibility, emphasizing that forced acquisition through legislation would result in a lower payout for homeowners. The government is urging residents to accept the offer.

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