HK Announces $870 Million Plan to Buy Back Flats in Tai Po Fire

Hong Kong proposed higher-than-estimated acquisition prices for owners who lost their homes in the Wang Fuk Court blaze last year, in a plan that will cost a total of HK$6.8 billion ($870 million), according to the officials.

Authorities will offer $10,500 ($1,340) per square foot for units that have paid the land premium — government’s subsidy on the homes — and HK$8,000 for those that have not, Deputy Financial Secretary Michael Wong said at a briefing on Saturday. Another option for affected residents will be a flat-for-flat arrangement, Wong said.