HONG KONG, Feb 21 — Hong Kong is looking to spend about HK$4 billion (RM2 billion) to buy out owners of homes in a high-rise housing complex ravaged by a massive fire that killed more than 160 in November, authorities said today.
The prices offered will be HK$8,000 per sqft without a land premium payment, and HK$10,500 per sqft for those receiving such a payment, officials in the Asian financial hub told a media briefing.
“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.
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.
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 is factored in, the officials said.
