Hong Kong Announces Fire Victim Resettlement Plan

Hong Kong authorities announced on Saturday a comprehensive resettlement plan for residents displaced by the city's deadliest fire in decades, offering to buy back ownership rights for damaged homes at prices ranging from HK$8,000 to HK$10,500 per square foot.

The proposal targets approximately 1,700 units in seven buildings at Wang Fuk Court, a government-subsidized housing estate in the suburban Tai Po district. Officials estimated the total cost at HK$6.8 billion, equivalent to about US$870 million, with HK$4 billion drawn from public funds and the remainder covered by a relief fund contribution of HK$2.8 billion. The figure could decrease further once insurance payouts are accounted for. In addition to the cash buyout, the government introduced an apartment exchange program, allowing eligible homeowners to swap their properties for units under a designated housing policy without handling large sums of money.

The plan follows a survey of affected residents conducted in January, which revealed that 74 percent were open to selling their ownership rights to the government. Only 9 percent insisted on redevelopment at the original site, an option officials described as potentially...