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Hong Kong Government Offers $512M to Buy Fire-Damaged Apartments

Saturday, February 21, 2026 at 4:16 AM

Hong Kong authorities announced a $512 million plan to purchase apartments from a high-rise complex where a devastating fire killed over 160 people in November. The government will pay residents between $8,000 and $10,500 per square foot, with officials saying the compensation should allow families to find new permanent housing.

HONG KONG – Government officials in Hong Kong announced Saturday they will allocate approximately $512 million (HK$4 billion) to purchase apartments from residents of a tower complex where a catastrophic fire claimed more than 160 lives last November.

During a press conference, authorities detailed compensation rates of HK$8,000 per square foot for units without land premium requirements, while properties subject to land premium payments will receive HK$10,500 per square foot.

“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.

Beyond the buyout program, government representatives announced an apartment swap initiative targeting the 4,600 displaced residents who occupied nearly 2,000 units within the Wang Fuk Court complex.

While the complete financial commitment reaches an estimated HK$6.8 billion, officials explained that a relief fund contribution will reduce costs by HK$2.8 billion, with additional savings expected once insurance settlements are processed.

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