Headlines
Hong Kong plans to buy homes devastated in deadly high-rise fire
Published by Global Banking & Finance Review®
Posted on February 21, 2026
2 min readLast updated: February 21, 2026
Quick Summary
Hong Kong will acquire homes at fire‑hit Wang Fuk Court, offering HK$8,000–10,500 per sq ft or flat‑for‑flat swaps. The HK$6.8b plan, backed by a HK$2.8b relief fund, aims to rehouse 4,600 residents after November’s deadly blaze.
Hong Kong to Acquire Fire-Hit Wang Fuk Court Flats in HK$4B Plan
Government Buyout and Rehousing Details
HONG KONG, Feb 21 (Reuters) - Hong Kong proposes to spend about HK$4 billion ($512 million) to buy out the owners of homes in a high-rise housing complex ravaged by a massive fire that killed more than 160 in November, authorities said on Saturday.
Offer Prices and Land Premiums
The prices offered will be HK$8,000 per sq. ft. without a land premium payment, and HK$10,500 per sq. ft for those receiving such a payment, officials in the Asian financial hub told a media briefing.
Per-Square-Foot Rates
"We believe the proposed price is sufficient for the affected residents to relocate and secure long-term housing," said Wong Wai-lun, Hong Kong's deputy financial secretary.
Eligibility and Affected Households
The government also offered an apartment exchange programme for the 4,600 affected tenants, who lived in nearly 2,000 housing units at the complex, Wang Fuk Court.
Relief Fund and Insurance
Funding Sources and Offsets
The total outlay, estimated at HK$6.8 billion, will drop by HK$2.8 billion from a contribution by a relief fund, and could go lower still after insurance compensation in factored in, the officials said.
Exchange Rate Reference
($1=7.8148 Hong Kong dollars)
(Reporting by Jessie Pang, Selena Li and Clare Jim in Hong Kong; Editing by Clarence Fernandez)
Key Takeaways
- •Government proposes buying out Wang Fuk Court homes at HK$8,000 per sq ft (no land premium) and HK$10,500 per sq ft (with premium).
- •Flat‑for‑flat exchange option offered alongside cash buyouts to aid long‑term rehousing.
- •About 4,600 residents across nearly 2,000 units are eligible under the plan.
- •Total outlay estimated at HK$6.8 billion, reduced by HK$2.8 billion from a relief fund; insurance may lower costs further.
- •The November high‑rise fire killed over 160 people; officials say pricing should help families relocate.
Frequently Asked Questions about Hong Kong plans to buy homes devastated in deadly high-rise fire
1What is the main topic?
Hong Kong’s government plans a Wang Fuk Court buyout after a deadly November fire, offering HK$8,000–10,500 per sq ft or flat‑for‑flat exchanges to rehouse affected residents.
2How much will the buyout cost and how is it funded?
The total outlay is estimated at HK$6.8 billion, with HK$2.8 billion coming from a relief fund. Insurance recoveries could further reduce the final government burden.
3Who is eligible and what options do they have?
Roughly 4,600 residents from nearly 2,000 units at Wang Fuk Court are eligible. They can choose a cash buyout priced by land‑premium status or a flat‑for‑flat exchange.
